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New York Times Company to Sell Boston Globe

The New York Times Company is seeking a buyer for the Boston Globe. The company has teamed up with Evercore Partners to help sell its New England Media Group, which includes the Globe and its website; the Worcester Telegram & Gazette and its site; and GlobeDirect, the Globe’s direct mail company.

“We are very proud of our association with the Globe and the Telegram & Gazette, but given the differences between these businesses and The New York Times, we believe that a sale is in the best long-term interests of these properties and the employees who work for them as well as in the best interests of our shareholders,” said Mark Thompson, CEO of the Times Company, in a statement.

This wouldn’t be the first time the Times has tried to sell the Globe. In 2009, as the Globe hemorrhaged money, the Times considered ditching the paper. The Times relented when cutbacks reduced the Globe’s overall losses. Plus, the bids the Times did receive weren’t exactly enticing.

The Times bought the Globe for $1.1 billion in 1993. We doubt the company is hoping for anything near that figure this time around.

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