New York Times Co. Plans To Sell 'Boston Globe'
The New York Times Co. will continue shedding assets, this time announcing it is looking to sell The Boston Globe.
The New York Times reports the company said it was looking to sell off the Globe and "other New England properties" to "focus energy and resources on its flagship newspaper."
The Boston Globe reports the Times bought the paper in 1993 for $1.1 billion, "a record in the newspaper business."
The Globe adds:
"The Times Co. last tried to sell the Globe in 2009, after first threatening to shut the newspaper down because it was losing money. After receiving wage cuts and other cost-saving concessions from Globe employees, the Times Co. decided not to sell at that time, because it had received bids lower than it had hoped from two different business groups.
"Since then, the Times Co. has sold a number of its other properties. The Globe and its online businesses BostonGlobe.com and Boston.com turned an operating profit in 2012, according to people involved in the company's results."