21 February, 2013
The New York Times Company announced on February 20, 2013 that it plans to sell its New England Media Group, which includes the Boston Globe, and its affiliated websites BostonGlobe.com, and Boston.com. Also included in the sale are the Worcester Telegram & Gazette, Telegram.com and GlobeDirect, the Globe’s direct mail marketing company and the company’s 49 percent share in Metro Boston.
“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,” said Mark Thompson, president and CEO of The New York Times Company. “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 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.”
While announcing its intention to sell the Globe, The New York Times also said there was no guarantee that a sale would take place and that no further information would be made available until an agreement with a buyer was reached. It is the company’s policy not to comment upon any proposals, discussions or rumors regarding the proposed sale.
The New York Times Company bought the Boston Globe in 1993 for $1.1 billion, the highest price paid for an American newspaper.
