Boston Globe On The Block (Take One In The Local Dailies)

The hardreading staff usually restricts itself to the print editions of the local dailies, but we just couldn’t wait till morning for the bakeoff over the New York Times Co. plan to sell the Boston Globe.

So . . . from their respective websites.

Boston Globe:

Times Co. hires firm to find buyer for The Boston Globe

The New York Times Co. said Wednesday that it plans to sell the New England Media Group, including The Boston Globe and its related online properties, and has hired an investment banker to find a buyer.

The Times Co. has hired Evercore Group, a New York-based firm that has been involved in other newspaper transactions, to help solicit bids from potential buyers.

“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,” said Mark Thompson, chief executive of the Times Co., in a statement.

And etc., including this: “The Times Co. last tried to sell the Globe in 2009, after first threatening to shut the newspaper down because it was losing money. After receiving wage cuts and other cost-saving concessions from Globe employees, the Times Co. decided not to sell at that time, saying it had received bids lower than it had hoped from two different business groups.”

Who – what – want to pony up more now? . . .

Read the rest at It’s Good to Live in a Two-Daily Town.

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