The New York Times reports...
The New York Times Company hopes to sell a newspaper in central Massachusetts along with The Boston Globe and wants the buyer of the papers to take on $59 million in pension liabilities. It intends to make a deal quite quickly, according to a letter sent to potential bidders.
The Goldman Sachs letter begins by referring to a transaction involving the Times Companys New England Media Group, which includes both The Globe and The Worcester Telegram & Gazette, which the company bought in 2000, along with their Web sites.
It has been widely assumed that a buyer would have to assume some pension liabilities, which are fleshed out by the Goldman letter. It cites plans that a new owner would take over, for employees at the two papers, that have $123 million in assets and $182 million in obligations, for a net liability of $59 million. More…