UPDATE: New York Times Confirms Plan to Sell Boston Globe, Related Assets
The New York Times Company (NYSE: NYT) today announced that it plans to sell its New England Media Group, including The Boston Globe and its related properties, and that it has retained Evercore Partners to advise the Company and manage the sales process.
“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 the 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.”
The principal properties that make up the New England Media Group are:
* The Boston Globe * BostonGlobe.com * Boston.com * Worcester Telegram & Gazette * Telegram.com * GlobeDirect, the Globe's direct mail marketing company
Also included in the sale is the Company's 49 percent interest in Metro Boston.
There can be no assurance that any transaction will take place. Additional details will be provided when and if the Company enters into a transaction. As a matter of policy, the Company will not comment upon any proposals, discussions or rumors regarding the proposed sale.
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