NYT Co. Pulls 'Boston Globe' Off the Market

By: Jennifer Saba The New York Times Co. announced it is retaining The Boston Globe but is still seeking buyers for the Worcester (Mass.) Telegram & Gazette, the company disclosed in a Securities and Exchange Commission filing late this afternoon.

"After careful consideration and analysis," the company said in the filing, "it has terminated the process to explore the sale of the Boston Globe, Boston.com, and related businesses."

The company said it expects to reach a "conclusion" with the Telegram & Gazette "quickly."

For several months the New York Times indicated it was seeking buyers for its New England properties, and in the process negotiated cuts with the guild representing the newspapers.

Shares of the New York Times (NYSE: NYT) closed up 4.3% or 36 cents to $8.67. The company is set to report Q3 earnings on Oct. 22.


No comments on this item Please log in to comment by clicking here