New York Times to Sell Boston Globe and Related Assets

New York Times has announced plans to sell its subsidiary New England Media Group. That unit includes the Boston Globe newspaper and its website; GlobeDirect, the paper's direct mail marketing company; and several other online and hard-copy assets. New England Media Group also holds a 49% stake in the free newspaper Metro Boston.

The sale of the subsidiary is part of the company's strategy of concentrating on its flagship property. It quoted CEO Mark Thompson as saying that it "demonstrates our commitment to concentrate our strategic focus and investment on the New York Times brand and its journalism."

The company did not speculate on a potential sale price, nor did it provide a timetable for a deal.

New York Times bought the Boston Globe for $1.1 billion in 1993. At the time, that was a record-high price for a newspaper.

The article New York Times to Sell Boston Globe and Related Assets originally appeared on

Fool contributor Eric Volkman and The Motley Fool have no position in The New York Times Company. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.