Investor group will bid for Boston Globe

BOSTON (BestGrowthStock) – A Massachusetts businessman said on Wednesday that he is leading an investment group that will make a bid to buy the Boston Globe from New York Times Co, saying the newspaper is a viable business.

Aaron Kushner of Wellesley, Massachusetts, said his group, the 2100 Trust, planned to make the offer soon. Kushner owns Marian Heath Greeting Cards in Wareham, Massachusetts, and became the father of a third child on Tuesday.

A spokesman for the 2100 Trust, John Boit, said Kushner is still lining up a group of investors but declined to provide financial details related to a potential bid.

“The Boston Globe has been a pillar in the city, the Commonwealth and the region for more than a century. We believe that The Boston Globe’s strongest days can be ahead,” the 2100 Trust said in a statement. “One of the principal areas of investment will be the newsroom.”

New York Times spokesman Robert Christie declined to comment on the potential offer, but said the New England paper’s finances are improving.

“The Boston Globe is an important part of The New York Times Company. The Globe has made excellent progress and is on solid financial footing,” he said in a statement. “Its continued digital and print progress signals a strong future.”

Boston adman Jack Connors said he is not part of the current bidding effort. Connors several years ago put together a widely followed but unsuccessful bid to buy the newspaper along with retired General Electric CEO Jack Welch.

Shares in New York Times Co rose as much as 10 percent in after-hours trading from their closing price of $7.63 on Wednesday.

(Reporting by Jim Finkle, Jennifer Saba and Ross Kerber; editing by Phil Berlowitz and Muralikumar Anantharaman)

Investor group will bid for Boston Globe