Dismal Ad Revenue Sends Times to $75M Loss

(NEWSER) - The New York Times Company has hired Goldman Sachs to handle a possible sale of the Boston Globe, the Globe reports. Goldman, which has also been trying to help the Times Co. unload its 17.5% stake in the Red Sox, has been telling prospective buyers it would accept bids after June 8, regardless of the outcome of the vote on pay and benefit cuts by the Globe's largest union. More»

As newspapers tank, company offloads non-core assets

(NEWSER) - With revenues plummeting and advertisers and readers fleeing, the cash-starved New York Times Co is looking to offload a once-sacrosanct asset—its 17.5% stake in the Boston Red Sox and Fenway Park, the Wall Street Journal reports. Revenues at the Times Co arm that includes the Grey Lady and the Boston Globe fell 22% last month, and the company is scrambling for capital to shore it up. More»

Boston paper's finances have 'significantly improved'

(NEWSER) - The New York Times Company has decided not to sell the Boston Globe after all, its chairman told workers in a late-afternoon email today, saying that the financial picture has “significantly improved” for the 137-year-old newspaper in recent months after various cost-cutting and revenue-boosting moves. Two groups did bid after the Globe went on the market in June, but no deal was reached. More»

(NEWSER) - The Boston Globe's biggest union has ended a four-month battle with the New York Times company and voted to accept $10 million in pay and benefit cuts, the Boston Herald reports. Union members—who have been living with a 23% pay cut since rejecting an 8.3% decrease last month—approved a 5.9% wage slice by a wide margin. The deal also includes 8 unpaid work days, a pension freeze and no health insurance for retirees. More»

Some say Times Co. should pay to dump it

(NEWSER) - With the New York Times Co. said to be looking for a Boston Globe buyer, David Carr polled experts to see what the paper might be worth—a question, he writes in the Times, that reaches beyond the Globe itself as the newspaper industry struggles. Carr got quite a range of answers, “everything from $250 million to 'we pay you to take this off our hands.'" More»