This is the second time New York Times is seeking to put the Globe on the auction block. The potential sale, which will also include the Worcester Telegram & Gazette, comes as the Times looks to focus on expanding its global reach.
The New York Times paid $1.1 billion for the Boston Globe in 1993. It's expected the Times will receive a fraction of that for the paper now, in an age where newspapers are struggling for subscribers as many turn to the Web for their news.
The Times first put the Globe up for sale in 2009 but decided to keep the paper after coming to agreements with unions from the Globe and cutting costs.
Nvidia (NVDA) is trending as the chipmaker is planning a new $300 million headquarters in Santa Clara, Calif., later this year. The company is planning a million-square-foot campus and will begin construction on a 500,000-square-foot building in June; it expects to occupy that building by July 2015. Construction on a second building on the new campus will begin when growth requires it, according to company spokesman Hector Marinez. Nvidia has been running out of a room at its current campus which is just across the street from its new planned site. The first phase of the new headquarters could reportedly accommodate an additional 1,000 to 2,000 employees. Marinez said the company is currently recruiting. The expansion could be read as a signal that the tech boom in Silicon Valley isn't slowing down.
PSE&G is another popular search. Public Service Enterprise Group (PEG) has asked regulators to approve a $2.6 billion plan to improve its grid over the next five years and protect the New Jersey area from future storms. The money would be used to flood-proof substations, replace old gas pipes and add "smart" sensors to utility poles, according to Chairman and CEO Ralph Izzo. The company may seek another $1.3 billion for the following five years, bringing the total expenditure to $3.9 billion.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.
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