Union-Tribune owner makes bid for Boston Globe

Platinum Equity, the investment firm which purchased The San Diego Union-Tribune this spring, has reportedly offered to buy The Boston Globe.

Platinum has offered $35 million plus the assumption of $59 million in pension liabilities, The Globe reported Friday, citing unnamed sources who have been briefed on offers for the troubled paper.

Two Boston-based groups are also bidding for the paper, currently owned by The New York Times Co.

Platinum principal Mark Barnhill declined comment to The Globe.

“We just don’t talk about prospective deals,” he said.

Beverly Hills-based Platinum specializes in buying distressed businesses. The firm headed by billionaire Tom Gores recently bid unsuccessfully for bankrupt auto parts manufacturer Delphi Corp.

In May, the U-T laid off 192 employees, or 18 percent of the staff, three days after Platinum closed its deal to buy the paper.

The Times Co. paid $1.1 billion for The Globe and related assets in 1993.

Earlier coverage of Platinum and the U-T:

Arthur Salm: Dark days for the Union-Tribune

Union-Tribune announces 192 layoffs across company

Arthur Salm: Advice for the U-T’s new owners

Union-Tribune sale prompts questions

William Yelles is SDNN managing editor. Email him at william.yelles (at) sdnn.com.

Tags: boston globe, platinum equity, San Diego Union-Tribune, SDNN

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