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BtoB

Local group, led by former GE CEO Welch, considers bid to buy ‘Boston Globe’

Published on .

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Boston—Former General Electric CEO Jack Welch and a group of Boston business executives are considering making an offer to buy the Boston Globe, the newspaper reported Thursday.

According to the Globe, the group is working with investment bank JPMorgan Chase & Co. to analyze a potential deal and has valued the Globe between $550 million and $600 million, about half the $1.10 billion the New York Times Co. paid to acquire the newspaper in 1993.

The move comes as investors say the Globe’s shrinking circulation and revenue have hurt New York Times Co. stock.

—Matthew Schwartz

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