Worcester Telegram Sales Rumors?

Filed in Lifestyle by on June 24, 2009 1 Comment
©DirectoryofWorcester.com

©DirectoryofWorcester.com

Today the Boston Globe finally came to an agreement with the Boston Newspaper Guild on concessions that will allow the paper to stay in business.  The move which is thought to make The Boston Globe more marketable by the New York Times also seems to be tied in to the fate of the Worcester Telegram & Gazette which is also owned by the New York Times.  According to various reports the New York Times has hired Goldman Sachs to sell not only The Boston Globe and The Worcester Telegram & Gazette but also their 17% stake in the Boston Red Sox.

The focus of the reports have been on the Boston Globe but the Worcester Telegram& Gazette is the daily paper of Central Massachusetts.  There is a value to it beyond the real estate properties that are part of it.  The headquarters are located in Downtown Worcester facing Worcester Common.  According to a very extensive article done by the Telegram itself

The T&G main office on Franklin Street in downtown Worcester is valued at about $3 million and the Millbury printing plant is valued at about $7 million, according to tax assessment records.

If potential buyers (and there are many according to the article) can create an innovative model that reflects the changes happening in publishing today they  may be able to keep the Worcester Telegram & Gazette running for a long time.  Does Worcester need a daily newspaper?  I am sure the people of Central Mass would say yes.

Though denials come from all parties involved based on what has been happening with the New York Times I would find it hard to believe that the sales rumors are not true.  The question is how far along Goldman Sachs is in the process of selling these New York Times assets.

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  1. It is official that it is more than a rumor. The Boston Globe also recently reported that the deadline for bids to buy both the Boston Globe and the Worcester Telegram & Gazette have been extended. They did not give an updated deadline though.

    http://www.boston.com/business/articles/2009/07/07/deadline_for_globe_bids_postponed/

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