BOSTON ( TheStreet) -- Two investor groups have made formal bids to buy the Boston Globe from the New York Times ( NYT), according to a report in the Globe itself. No sums were mentioned in the report, which cited the ubiquitous "people with knowledge." But anyone buying the daily paper, one of the country's oldest and most storied, must deal with a massive money-sink as the business is currently operated. The Times has repeatedly said that the Globe will lose $85 million in 2009, though some industry watchers have cast doubt on that figure. The parties reported as interested
had already seen their names emerge in a Globe story last month: Stephen Pagliuca, part-owner of the NBA's Boston Celtics franchise and one of the uppermost managers at the huge private-equity firm Bain Capital, has teamed up with Jack Conners, who made his fortune in the advertising trade. The other group includes Stephen Taylor, a Yale professor and part of the family that once owned the Globe and, indeed, sold it to the Times in 1993 for $1.1 billion. Taylor once worked on the business side of the newspaper, where he helped launch its popular Boston.com web site. According to the Globe article Friday, Pagliuca and Connors want to set up the Globe as a nonprofit, an approach to saving the country's beleaguered newspapers that has been raised often in the last year. It's also been met with controversy. Critics argue that such a model would, by depriving the paper of its profit motive, lead to a kind of comfortable stagnation and lack of innovation that would quicken the perceived obsolescence of traditional news gathering.