Bacon was born in Bronxville, New York. He attended Phillips Exeter Academy in Exeter, New Hampshire for high school, graduating in 1962; the school honored him in 2007 with its John Phillips Award, which recognizes graduates for their contributions to society. He earned his undergraduate degree at Amherst College, where his father was a dean and also taught political science. After Amherst, Bacon received post-graduate education at Columbia University, where he earned simultaneous Master's Degrees in business and journalism.