Report: Initial bids due to buy Boston Globe

BOSTON -- A deadline is approaching for the possible sale of The Boston Globe.

The New York Times Co., which owns the Globe, has set a Wednesday deadline for initial, nonbinding bids. That's according to a confidential letter sent by Goldman Sachs to potential buyers. The letter was obtained by the New York Times.

The letter says after the initial bids, the company will decide which potential buyers will participate in a second round of bidding.

Potential buyers could include Boston Celtics co-owner Stephen Pagliuca, Partners HealthCare chairman Jack Connors and Stephen Taylor, a former Globe executive whose family sold the newspaper to the Times Co. in 1993.

The Times Co. has said the Globe had $50 million in operating losses in 2008.