Times Co: No Need to Sell Boston Globe
September 9, 2009 by Mark Ellis
Filed under Business
The New York Times Company had originally intended to sell the Boston Globe newspaper company because of its financial struggles, but now the situation has turned around for The Boston Globe. However, Times Co. still plans to sell the newspaper, despite the fact that it could continue running the newspaper.
According to Times Co. executives, the process of selecting a buyer will not only depend on price, but also on how well the executives think that the new owner would be able to run the newspaper. Times Co. broke the news to several hundred Globe employees during two close hour-long sessions.
This newest development comes after the Times Co.’s pronouncement that the Globe would lose $85 million over the course of this year, a prediction that Times Co. used to cut back wages, benefits, and job security considerations with labor union approval. Eventually, Globe employees ended up taking as high as 23 percent pay cuts so that Times Co. could close a gaping budget hole.
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