Does Jack Welch Want to Buy the Boston Globe?

The Boston Globe reports:

Two of Boston's best-known businessmen -- retired General Electric Co. chief executive Jack Welch and adman Jack Connors -- are quietly exploring the possibility of making an offer to buy The Boston Globe from The New York Times Co.

While neither Welch nor Connors would comment, several executives who have participated in the discussions caution the plans are preliminary. But the executives are working with the investment bank JPMorgan Chase & Co. to analyze a potential deal. They say JPMorgan has valued the Globe at $550 million to $600 million, well below the $1.1 billion the Times Co. paid in 1993.

Times Co. has said repeatedly that the Globe, despite its continued poor financial results, is not for sale.

In a statement yesterday, Catherine Mathis, Times Co. vice president of corporate communications, said, "It is our policy not to comment on potential acquisitions or divestitures. We constantly review our portfolio of properties to assess their continuing relevance to our strategy. We view the Globe as an important asset, and we have taken many steps that we believe will improve its performance," most recently naming a new publisher, P. Steven Ainsley, who previously headed the company's regional newspapers.

Big media is about to get smaller.