The New York Times Co again seeks buyer for Boston Globe
21 Feb 2013
The New York Times Co. yesterday said that it is exploring a sale of the New England Media Group, including The Boston Globe and its related online properties, and has hired investment banker Evercore Partners as an adviser for the sale.
The move comes more than three years after the Times Co. tried unsuccessfully to sell the Globe after several months of scouring for buyers but failing to draw satisfactory bids due to the global recession.
The renewed interest in hiving off the Globe also comes less than a year after it sold About.com to US internet company InterActiveCorp for $300 million. (See: InterActiveCorp offers to buy Times Co's About.com for over $300 mn: report)
Included in the current sale, in addition to the Globe are regional newspaper Worcester Telegram & Gazette BostonGlobe.com, Boston.com, Telegram.com, the Globe's direct mail marketing company, GlobeDirect and its 49-per cent stake in Metro Boston.
The New York Times Co had then put the 141-year-old Massachusetts-based Boston Globe, the 17th largest newspaper in the US by daily paid circulation, on the block along with the Red Sox baseball team in order to finance a $400-million revolving credit line.
The publisher, which acquired the newspaper in 1991 for $1.1 billion, had even threatened to close the newspaper in 2009 due to wage cut issues with labor unions.
