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Times Co. hires firm to find buyer for The Boston Globe

Posted by Angela Nelson, Staff  February 20, 2013 03:28 PM

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By Beth Healy, Globe Staff

The New York Times Co. has hired an investment banker to find a buyer for The Boston Globe, as it continues to sell off properties in order to focus on its core newspaper.

Mark Thompson, the Times’ chief executive, said in a statement that given the differences between the Globe and the Times, a sale is in the best long-term interests of both properties.

The Times Co. is hiring Evercore Group, a New York-based firm that has worked on other recent news transactions, to help seek a buyer.

The Times Co. last tried to sell the Globe in 2009, after first threatening to shut the newspaper down because it was losing money. After receiving wage cuts and other cost-saving concessions from Globe employees, the Times Co. decided not to sell at that time, because it had received bids lower than it had hoped from two different business groups.

Since then, the Times Co. has sold a number of its other properties. The Globe and its online businesses and turned an operating profit in 2012, according to people involved in the company’s results.

Along with the Globe, the Times is selling the Worcester Telegram & Gazette; the publications’ related websites; the Globe’s direct mail marketing company, GlobeDirect; and a 49 percent interest in Metro Boston, a free daily newspaper for commuters.

The Times Co. bought the Globe in 1993 for $1.1 billion, which was then a record in the newspaper business.

Beth Healy can be reached at Material from the Associated Press was used in this report.

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