Ex-Chief of G.E. May Want Newspaper

October 25, 2006 at 10:15 pm (Media, US)

From The New York Times:

 

Ex-Chief of G.E. May Want Newspaper

By Andrew Ross Sorkin

 

Some retired executives take up golf or gardening. John F. Welch Jr., the former chief of General Electric, has been looking into what would be a far less relaxing pursuit: running a newspaper.

Mr. Welch and Jack Connors, the co-founder of the Boston advertising firm Hill Holliday, are exploring the possibility of making an offer to buy The Boston Globe from The New York Times Company, according to people briefed on the plan.

Mr. Welch is not the only multimillionaire thinking of becoming a newspaper baron. David L. Geffen, the music impresario and a co-founder of DreamWorks SKG, and Eli Broad, a real estate developer, have explored making bids for The Los Angeles Times. Robert C. Embry Jr., president of the Abell Foundation in Baltimore, has made repeated efforts to buy The Baltimore Sun. David Chase has expressed interest in The Hartford Courant. All three of those papers are owned by the Tribune Company.

But newspapers, perhaps the ultimate trophy asset even as the industry appears to be in a free fall, may be too much even for previously successful business executives.

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