Newspaper publisher New York Times Co. (NYT) announced Wednesday plans to sell its New England Media Group, including The Boston Globe and its related properties, as part of its continuing efforts to sell non-core assets to focus on its newspaper business.
The company has retained Evercore Partners to advise and manage the sales process. However, the company added that there can be no assurance that any transaction will take place.
"Our plan to sell the New England Media Group demonstrates our commitment to concentrate our strategic focus and investment on The New York Times brand and its journalism," President and CEO Mark Thompson said in a statement.
The New England Media Group comprises of Boston Globe, BostonGlobe.com, Boston.com, Worcester Telegram & Gazette, Telegram.com and GlobeDirect, the Globe's direct mail marketing company.
The sale will also include the divestiture of the company's 49 percent interest in free daily newspaper Metro Boston, which it acquired in January 2005 for about $16.5 million from Metro International.
"The Boston Globe and the Worcester Telegram & Gazette are outstanding newspapers and they and their related digital properties are well-managed leaders in their markets with real opportunities for future development," Thompson added.
New York Times named former BBC Director-General Mark Thompson as its new president and CEO in mid-August 2012, ending an eight-month search for a successor following Janet Robinson's ouster in December 2011.
The appointment came at a crucial time for the Times as it focuses on propping up its business through digital and global expansion, something which Thompson is said to have done with aplomb at the BBC.
The company has been grappling with a steady decline in advertising revenues amid a market under the sway of shifting readership base to the digital form.
The company has been selling other assets in order to focus on its newspaper business. In January 2012, it sold Regional Media Group to Halifax Media Holdings for $143 million.
The company then in September 2012 sold About group, which includes the online resources guide About.com, to Internet businesses operator IAC/InterActiveCorp.'s (IACI) Ask.com in an all-cash deal of $300 million. New York Times had acquired About.com for $410 million in 2005.
NYT closed Wednesday's regular trading session at $9.03, down $0.04 or 0.44% on a volume of 1.84 million shares.
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