Will This Help the New York Times Buck Their Downward Trend?
It appears the New York Times Company (NYSE:NYT) is ready to try and sell the New England Media Group (NEMG), including the Boston Globe, for the second time in four years. After disappointing offers in 2009 when the Times Company last tried to sell NEMG, New York Times Co. chairman Michael Golden said the newspaper market is ripe for another auction.
Reports Boston.com, “Golden said the industry environment has improved markedly since the Times last tried to sell the Globe in 2009, and that more investors are interested in buying newspapers. For instance, he said, billionaire Warren Buffett, who for years shunned investing in newspapers, is now buying papers across the US.”
The sale should help the Times Company focus on its flagship newspaper in addition to fetching a higher price than was offered in 2009…