New York Times to Sell Boston Globe
The New York Times Company is selling the Boston Globe.
The Times Co. has retained investment bank Evercore Partners in an effort to sell its New England Media Group, which includes the Globe, Boston.com, the Worcester (Mass.) Telegram & Gazette and its website and a 49 percent stake in the free newspaper 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," Times president and CEO Mark Thompson said in a release. "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," he continued, "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 Times bought the Globe in 1993 for $1.1 billion from the Taylor family of Boston.