Thursday, February 21, 2013

New York Times Looking to Unload Papers 'en Mass.'

English: Headquarters of The Boston Globe news...
 (Photo credit: Wikipedia)
The Gray Lady apparently is weary of  long-distance relationships, as Reuters, AdWeek and others are reporting that The New York Times wants to sell The Boston Globe and The Worcester Telegram & Gazette.

The Times has enlisted the aid of Evercore Partners to advise on the sale of the properties in its New England Media Group, which include the Globe, Telegram & Gazette, the two dailies' Web sites and GlobeDirect, a direct mail marketing company.

Newspaper industry analysts expect the Times to take a bath in the deal. One analyst, according to Reuters, thought the purchase price for the Globe, New England's largest daily newspaper, might be in the $150 million range, a far cry from the $1.1 billion the Times paid to acquire the broadsheet in 1993.

The Times' Media Decoder Blog reported that the Times rejected a $35 million offer to sell the Globe in 2009, the AdWeek article stated.  The 360 or so souls in the Globe newsroom are understandably antsy, while media prognosticators are reveling in the parlor game of identifying the Globe's suitors.  Times CEO/President Mark Thompson said the Times wants to concentrate on its own brand and journalism as explanation for why his paper wants to end what at times has been a trying marriage.

The Globe is "TUOL"'s local newspaper, and the devoted staff, which currently is exasperated by increasingly late delivery of the paper, expects a local buyer to step to the forefront, rather than an out-of-state entrepreneur or media conglomerate.

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