The Hindu Business Line : NYT not to sell Boston Globe

NEW YORK: The New York Times Company has abandoned the process of sale of Boston Globe and related businesses as the newspaper witnessed a significant improvement in its financial position.

In an internal memo sent to Boston employees, The New York Times Company said it has terminated the process to explore the sale of The Boston Globe, Boston.com and related businesses, and they would remain within the company.

Reportedly, 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 and final bids were due on Friday.

“We know this has been a long and painful process, and we deeply appreciate the focus and dedication that you have all displayed over the past several months,” the memo said, adding that the company came to conclusion after careful consideration and anal ysis.

The New York Times Company that owns the Boston Globe said Boston Globe has significantly improved its financial footing by following the strategic plan it set out at the beginning of this year. Meanwhile, the company said they would continue to assess strategic alternatives for the Worcester Telegram & Gazette, and are determined to reach a conclusion quickly. - PTI

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