NY Times announces plans to sell Boston Globe
Feb. 20, 2013
The New York Times plans to sell its New England Media Group, including The Boston Globe and the Worcester Telegram & Gazette, according to a memo to company employees from New York Times publisher Arthur Sulzberger and Mark Thompson, CEO of The New York Times Company. Sulzberger and Thompson said the sale would “allow us to sharpen our strategic and financial focus on The New York Times brand.”
In the memo, they wrote, “This was not an easy decision as the New England Media Group has, for many years, brought tremendous value to our Company. While part of the Times Company, The Boston Globe has been awarded 10 Pulitzer Prizes and many other professional awards.”
In a press release, The Times said it has retained Evercore Partners to manage the sales process. Other properties that are part of the New England Media Group: Boston.com, BostonGlobe.com, Telegram.com and GlobeDirect, the Globe’s direct mail marketing company. The company’s 49 percent interest in Metro Boston is included in the anticipated sale.