N.Y. Times Confirms Plans To Sell Boston Globe
August 7, 2009 at 5:40 AM (PT)
THE NEW YORK TIMES CO. has confirmed in its quarterly SEC filing that it has hired GOLDMAN SACHS to explore selling the BOSTON GLOBE and WORCESTER TELEGRAM AND GAZETTE. The move has long been rumored, but has now been confirmed; the GLOBE previously reported that two groups submitted bids for the GLOBE before a JULY 30th deadline, including one led by former GLOBE executive STEPHEN E. TAYLOR and another headed by BAIN CAPITAL's STEPHEN G. PAGLIUCA and PARTNERS HEALTHCARE Chairman JACK CONNORS.
The TIMES recently announced the sale of its last radio property, Classical WQXR/NEW YORK, in a three-way deal with UNIVISION and WNYC-A-F/NEW YORK. It sold its TV stations to LOCAL TV LLC in 2007.
Cox Won't Sell Statesman
Meanwhile, COX ENTERPRISES has announced that it has pulled the AUSTIN AMERICAN-STATESMAN off the market, citing a lack of satisfactory offers. COX was looking for about $200 million for the daily but will keep it instead.