The Boston Globe
The New York Times Co. said yesterday that it will not sell The Boston Globe, citing significant improvement in the Globe’s financial standing–a decision that ends months of uncertainty about the future of New England’s largest newspaper.
The Times Co. had been exploring a sale of the Globe and its website, Boston.com, along with the Worcester Telegram & Gazette since at least the spring; final bids were due Friday. Two potential buyers submitted offers, but in a memo to employees late yesterday, the company’s top executives said they had ended their consideration of a Globe sale, and looked forward “to charting our future together.” The company did not rule out a sale of the Worcester paper.
“We know this has been a long and painful process,” Times Co. chairman Arthur O. Sulzberger Jr. and chief executive Janet Robinson said in their memo, adding that they had come to their decision “after careful consideration and analysis.” More…