New York Times Co. looks for buyer for Boston Globe

New York, Feb 22 (IANS/EFE) The New York Times Company said it wanted to sell its New England Media Group division, which includes The Boston Globe and other publications, to focus on its core newspaper business.

Feb 21 2013, 11:26pm CST | by

New York Times Co. looks for buyer for Boston Globe
Photo Credit: Darren McCollester, Getty Images

New York, Feb 22 (IANS/EFE) The New York Times Company said it wanted to sell its New England Media Group division, which includes The Boston Globe and other publications, to focus on its core newspaper business.

The company bought The Boston Globe in 1993 for $1.1 billion in what was the biggest acquisition in its history, but that newspaper's total average daily circulation has plunged nearly in half over the past decade from more than 430,000 readers in 2002 to just over 230,000 at present.

Other assets the company will seek to shed include the Worcester Telegram & Gazette, the BostonGlobe.com, Boston.com and Telegram.com Web sites, the GlobeDirect direct-mail marketing company and its 49 percent stake in Metro Boston, a free newspaper.

Times president and CEO Mark Thompson said in a statement that those newspapers and their related digital properties are all "well-managed leaders in their markets with real opportunities for future development".

The New York Times Company, which had already tried to sell The Boston Globe in 2006, said it has hired Evercore Partners Inc., an independent investment firm, to assist with the process but noted that "there can be no assurance that any transaction will take place".

--IANS/EFE

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Source: IANS

 
 
 

<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

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