The Washington Post and Boston Globe may be changing hands, but don't expect the same fate for the New York Times, says publisher and chair Arthur Sulzberger Jr. "Will our family seek to sell the Times? The answer to that is no. The Times is not for sale," he says in a statement. The company has plenty of resources going forward, thanks in part to digital subscriptions, he says. "(We're) perfectly able to fund our future growth. The Times has both the ideas and the money to pursue innovation."
The Times achieved a profit in the latest quarter thanks to boosted circulation revenue and cheaper costs, it reports; net income hit $20.1 million, compared to an $87.6 million loss in the same period a year before. Meanwhile, paid digital subscriptions have surged 35% to 699,000. The company plans to expand further through "investment internationally, in video, in paid products, and in brand extensions," Sulzberger says. The Post's sale means the Times is now the only family-operated major US newspaper, the Times notes. (Read more New York Times stories.)