New York Times will keep The Boston Globe

The New York Times Company (NYT), which had planned to sell The Boston Globe, now says it will keep it. The Times had taken bids for the paper, including one from Platinum Equity, a group led by a former Globe executive and a member of the Globe's founding family, which has recently bought other media properties.

The Times says that the reason for keeping the Globe is that significant cost cuts at the paper have made it more financially viable. The Times paid $1.1 billion for the Boston paper in 1993 and some industry experts put its current value at $20 million.