Projo 7 to 7 News Blog

BOSTON (AP) -- The Boston Globe's owners have reportedly postponed a deadline for potential buyers of the newspaper to submit their initial bids.

The New York Times Co., which owns the Globe, had set a Wednesday deadline for nonbinding bids.

But the Globe reported Tuesday that Goldman Sachs & Co., the investment banking firm hired to manage the sale, has told interested parties they will be given more time to prepare offers for the Globe and the Worcester Telegram & Gazette.

People briefed on the process who asked not to be identified because they weren't authorized to discuss the sale told the newspaper no new deadline has been set.

The Globe's largest union votes July 20 on a new contract that would cut wages and benefits by $10 million. The paper lost $50 million last year.

 Tags  Boston Globe New York Times Co.

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