By Robert MacMillan

NEW YORK (Reuters) - New York Times Co. has rejected a proposal from a group of Boston businessmen, including former General Electric Co. chief Jack Welch, to negotiate a purchase of the Boston Globe newspaper, a source familiar with the matter said on Wednesday.

Times Co. Chief Executive Officer Janet Robinson wrote in a November 17 letter to the investor group that she took the group's proposal to the company's board, but Times. Co. was not interested in pursuing a sale, the source confirmed.

The Globe reported the news in its Wednesday edition, citing two executives who had seen the letter.

The letter was a response to a request from Welch for exclusive rights to negotiate with Times Co. over an acquisition, the source also confirmed.

The investor group does not plan to abandon its effort, the Globe report said, citing executives close to the group.

Representatives for Times Co. and the investor group could not immediately be reached for comment. Welch's partner in the bid is advertising executive Jack Connors.

The Globe has also identified Boston concessionaire Joseph O'Donnell as a member of the group.

Welch and Connors are working with JPMorgan Chase & Co. and other local investors on a preliminary plan to make a bid for the Globe, which like other U.S. newspapers is coping with weak advertising trends and circulation at its print edition.