For the second time, the prestigious Boston Globe has been put up for sale by its current owners, the New York Times Co. for a second time. The NY Times is focusing on its flagship newspaper and has included the Worcester Telegram and the Gazette in the second time sale.
The announcement also included the hiring of Evercore Partners to advise on the sale but analysts project that the sale would come at a loss. According to Outsell Research's Ken Doctor, the sale would net about US$150 million but the purchase was set at US$1.1 billion back in 1993.Doctor added that the focus is on making the New York Times as the global information source and maintaining the Globe is a 'distraction'.
The formal name of the Globe is the New England Media Group and when it was last put up for sale, total revenue was on the decline, with last year having a 0.8 percent loss to just US$394.7 million. In comparison, the revenue increase for the New York Times increased by 2.6 percent to a whopping US$1.6 billion.
Join the Conversation