NYT Co. CEO Indicates Company Won’t Sell Struggling ‘Globe’

Follow by Email
Visit Us

By: E&P Staff

The head of The New York Times Co. once again stated the company?s interest in The Boston Globe, despite the paper?s recent turmoil and persistent rumors of a sell-off.

During a speech to Boston business and political leaders, Janet Robinson, CEO of the Times, fielded questions and responded to one about the company?s ownership of the Globe: ?The Boston Globe is an extremely important asset to the New York Times Co. and we feel it is on very, very good course.? The speech was covered and reported by the Globe’s Robert Gavin.

Robinson also said during the speech that the company has no plans to go private. ?We’ve benefited from being a public company and having access to the capital markets,? the Globe quoted her saying. She stated the company intends on keeping its current structure.

A group of local businessmen headed by the Jack Welch, the former chief of General Electric, and Jack Connors, co-founder of the ad agency Hill Holliday, has made very public overtures to buy the paper.

For the past year, the Times has been under attack by one of its shareholders, Morgan Stanley Investment Management, which wants the Times to scrap its duel-stock structure.

On Jan. 11, the New England Media Group (a division of the Times) said it was cutting 125 jobs from the Globe and the Worcester Telegram & Gazette. The move affected most departments including advertising and finance. The company plans to outsource 55 jobs in those areas.

Gavin reported that the paper is in talks with an India firm to pick up the work.

Leave a Reply

Your email address will not be published. Required fields are marked *