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NYT Co. Says Selling 'Boston Globe" No Longer Imperative

  • Bloomberg, Wednesday, September 9, 2009 11:05 PM
New York Times Co. CEO Janet Robinson says that selling the Boston Globe is no longer a financial imperative. Pay cuts and other savings have put the newspaper on stronger financial footing, she told Globe workers yesterday.

The Globe has cut jobs, wages, benefits and trimmed sections as its ad sales plunged. In April the publisher threatened to close the paper if unions didn't agreed to $20 million in cost cuts. Times Co. has also been seeking to sell the Globe along with the rest of its New England Media Group.

While no longer a necessity, selling the Globe still remains an option, Robinson told the staff. Potential buyers plan to tour the newspaper in the coming days. Possible buyers include a group led by Stephen Pagliuca, managing director at Bain Capital LLC, and another led by Stephen Taylor, a member of the family that sold the Globe to Times Co. in 1993.

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