The New York Times Tries Selling the Boston Globe Again
The Times said it is selling the paper, along with the rest of its New England Media Group, because “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.”
Bloomberg first reported the sales talks.
The Times bought the Boston paper for $1.1 billion in 1993, and hired Goldman Sachs to explore selling it in 2009.
Dumping the Globe is consistent with the Times’ larger strategy of selling off everything but its flagship paper. Last year, for instance, it sold About.com for $300 million to Barry Diller’s IAC.
Last year the New England Media Group, which also includes the Worcester Telegram & Gazette, generated revenue of about $400 million. That was down approximately 2.5 percent from the previous year, and accounted for nearly 20 percent of the Times’ total revenue.