NYT explores sale of Boston Globe

The New York Times Co. (NYT) has reportedly hired Goldman Sachs Group Inc. (GS) to oversee a possible sale of the cash-strapped Boston Globe, New England's largest daily.

The report of the possible sale comes a day after the paper's largest union rejected proposed cuts in wages and benefits by The New York Times Co., which purchased the Globe in a $1.1 billion acquisition in the early 1990s. The Times Co. now is looking to wash its hands of the paper, which has been a drag on the earnings of the New York-based publisher for years. Bids are due in the next couple of weeks, according to a story in the Globe. Goldman also is handling the sale of the company's 17.5 percent stake in the Boston Red Sox.