Women’s Wear Daily
04.16.2014
fashion-memopad
fashion-memopad

Memo Pad: Globe Sale Called Off... Close to Home at Mag Conference...

The New York Times Company is no longer interested in exploring the sale of the Boston Globe, Boston.com and related businesses.

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Most Recent Articles In Memo Pad
Most Recent Articles In Memo Pad

NOT FOR SALE: The New York Times Co. is no longer interested in exploring the sale of the Boston Globe, boston.com and related businesses. This news follows months of back and forth between labor unions, where the Times Co. threatened to close the Globe, in addition to implementing cost-cutting measures and layoffs. In an e-mail to employees, chairman Arthur Sulzberger Jr. and chief executive officer Janet Robinson said: “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. Janet will be visiting Boston tomorrow for an employee town hall meeting at 11 a.m. She will talk with employees and take your questions.”

The memo also stated the Globe’s financial outlook has improved and it’s on track to “achieve substantial savings and is on a path to a more secure financial future.” It’s also likely the Times Co. did not receive bids that were large enough to lead to a sale.

According to a filing with the Securities and Exchange Commission Wednesday, the company will continue to explore alternatives for the Worcester Telegram & Gazette. The company paid $1.1 billion for the Boston Globe in 1993, according to reports.

— Amy Wicks

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