The New York Times plans to sell The Boston Globe, the Times confirmed in a press release after Bloomberg News reported the story earlier today.
The release said a sale isn’t guaranteed, but would include the entire New England Media Group, comprised of the Globe, BostonGlobe.com, Boston.com, The Worcester Telegram & Gazette, Telegram.com, GlobeDirect, the papers’s direct mail marketing unit, and a 49 percent stake in Metro Boston. The Times has hired Evercore Partners to manage the sales process, according to the release.
“Our plan to sell the New England Media Group demonstrates our commitment to concentrate our strategic focus and investment on The New York Times brand and its journalism,” said Times CEO Mark Thompson, in a statement. “The Boston Globe and the Worcester Telegram & Gazette are outstanding newspapers and they and their related digital properties are well-managed leaders in their markets with real opportunities for future development. We are very proud of our association with the Globe and the Telegram & Gazette, but given the differences between these businesses and The New York Times, we believe that a sale is in the best long-term interests of these properties and the employees who work for them as well as in the best interests of our shareholders.”