2 Boston groups place preliminary bids for Boston Globe, One suggests nonprofit model

The Boston Globe is reporting two Boston groups have submitted prelim bids to buy the newspaper. Citing unnamed people with knowledge of the offers, the Globe reported the bids were submitted, meeting a deadline set by its owner, The NYT Co. According to the Globe, one of the offers comes from a group led by Boston Celtics co-owner Stephen Pagliuca & former ad mogul Jack Connors. The other is headed by Stephen Taylor, a former Globe exec & member of the family that sold the Globe to the Times for $1.1B in '93. The Globe said the group led by Pagliuca & Connors suggests a civic approach that calls for a nonprofit foundation to help fund & run the Globe. The proposed economic model would aim to support paper's journalism & undercut pressure to post large profits. The Globe lost $50M in 2008 & the NYT has said it was on track to lose $85M this year before Globe workers agreed to $20M in annual cost concessions.