The New York Times Company has drawn the ire of three of the groups who lost the bid for the Boston Globe despite offering more money than the winner.
Red Sox owner John Henry bought the Boston Globe in a deal announced early Saturday morning. The Globe reported Monday that other bidders are now criticizing the sale process, claiming that their bids exceeded Henry's offer of $70 million.
John Gormally — owner of a Springfield television station and one of several suitors for the newspaper — said that his group's bid was "considerably higher” than Henry's, criticized the Times for not being "transparent" in the sale process.
John Lynch, CEO of the U-T San Diego newspaper, also said he outbid Henry in an offer that included $80 million in cash. “It was clear they didn’t want to sell to us, or wanted to sell to Henry," he told the Globe. He also said that he wants the Times to pay back the cost of preparing the bid, "as a result of the articulated process not being followed." Read the full report over at the Globe.
The New York Times Company put the Globe up for sale in February, and accepted final bids for the newspaper in June. The $70 million price paid by Henry amounts to less than one-tenth of the $1.1 billion that the Times paid for the newspaper in 1993.