Jack Welch Eyes Boston Globe

The former GE chief may want to become a publisher.
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Former

General Electric

(GE) - Get Report

CEO Jack Welch may be considering getting into the newspaper business.

Welch is said to be considering putting together a bid to buy

The Boston Globe

from the

New York Times

(NYT) - Get Report

, according to the Globe.

The newspaper says that Welch, a Boston native, is working with a group that has hired JP Morgan Chase to analyze the merits of a potential bid.

The

Globe

says the bank has valued the newspaper at between $550 million and $600 million, which is well below the $1.1 billion the Times bought the

Globe

for 1993.

The New York newspaper company has repeatedly said it has no plans to sell the

Globe

, despite declining revenues at the New England newspaper.

Last week the Times said circulation revenue in the third quarter slid 1.3%, mainly due to weakness from the

Globe

.

Meanwhile, advertising revenue, during the first nine months of the year, is down 10% compared to a year ago, mainly because of the poor performance at the

Globe

.

News of Welch's interest in the

Globe

comes as other wealthy businessmen are considering buying key newspapers in their local areas.

There's been speculation that some California business leaders and Hollywood celebrities might try to buy

The Los Angeles Times

from the

Tribune

(TRB)

company, which is currently talking to a number of private equity firms about a potential leveraged buyout of the media conglomerate.