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New York Times puts the Boston Globe on the block.
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."
The New York Times tried to sell the Globe in 2009 as the newspaper struggled with losses, but decided against it after winning concessions from Globe's unions and implementing cost cuts.
Sold to Times twenty years ago for $1.1 billion
The Globe and the Worcester Telegram & Gazette's total revenue declined 0.8 percent to $394.7 million last year. That compares with the New York Times' revenue increase of 2.6 percent to $1.6 billion.
Stephen Taylor sold the Globe to Times Co. in 1993 for $1.1 billion.
Rupert Murdoch ,the head of News Corp., which owns Fox News, The Wall Street Journal, and the New York Post, should not be ruled out as a serious suitor. Murdoch also owns the Ottaway group of community papers that include the Cape Cod Times and the Standard-Times of New Bedford. Murdoch used to own the Boston Herald.
Here, courtesy of Forbes, are the richest people who live in Massachusetts in case someone wants to own it as an ego project.
The Times said it has retained Evercore Partners to manage the sales process.
Other properties that are part of the New England Media Group are also for sale: 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.
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