NY Times set to put some units up for sale
Source: Agencies |
August 8, 2009, Saturday
|
Print Edition
Print Edition
THE New York Times Co has enlisted Goldman Sachs to explore a sale of its New England Media Group, which owns the 137-year-old Boston Globe and other media assets.
That confirmed long-standing speculation that the media conglomerate, which is fighting a severe loss of advertising revenue and also has hundreds of millions of dollars of debt coming due in the next few years, had been looking to sell the Globe.
The New England Media Group also includes the Worcester Telegram & Gazette, its Website, and the Globe's Website, The New York Times Co said in a filing with the US Securities and Exchange Commission.
According to the Globe, two Boston groups had offered early bids to buy the Boston newspaper.
The Times has been selling or trying to sell multiple assets, including, most recently, its classical music radio station in New York City.
That confirmed long-standing speculation that the media conglomerate, which is fighting a severe loss of advertising revenue and also has hundreds of millions of dollars of debt coming due in the next few years, had been looking to sell the Globe.
The New England Media Group also includes the Worcester Telegram & Gazette, its Website, and the Globe's Website, The New York Times Co said in a filing with the US Securities and Exchange Commission.
According to the Globe, two Boston groups had offered early bids to buy the Boston newspaper.
The Times has been selling or trying to sell multiple assets, including, most recently, its classical music radio station in New York City.
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