NY Times Co. Explores Sale Of Boston Globe
The New York Times Co. on Wednesday announced that it plans to sell its New England Media Group, including The Boston Globe and its related properties. The media company has retained Evercore Partners to advise it and manage the sales process.
News of the plan was first reported by Wednesday afternoon by Bloomberg, which cited “two people familiar with the matter.”
“Our plan to sell the New England Media Group demonstrates our commitment to concentrate our strategic focus and investment on The New York Times brand and its journalism,” Mark Thompson, president and CEO of The New York Times Co., said in a statement. “The Boston Globe and the Worcester Telegram & Gazette are outstanding newspapers and they and their related digital properties are well-managed leaders in their markets with real opportunities for future development. We are very proud of our association with the Globe and the Telegram & Gazette, but given the differences between these businesses and The New York Times, we believe that a sale is in the best long-term interests of these properties and the employees who work for them as well as in the best interests of our shareholders.”
The principal properties that make up the New England Media Group are:
- The Boston Globe
- Worcester Telegram & Gazette
- GlobeDirect, the Globe’s direct mail marketing company
Any sale would also include the Times’ 49% interest in Metro Boston.
The Times said that it is only exploring the possibility of a sale and “there can be no assurance that any transaction will take place.”
Earlier this month, Thompson, speaking on a quarterly conference call for investors promised a new strategy was on the way for the company. Though he would give no details, Thompson did say, “The strategy will aim not just to optimize existing operations, but to leverage our brands, above all The New York Times brand.”