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Posts Tagged ‘The New York Times Company’

John Henry Names Himself Publisher of Boston Globe

John Henry GJohn Henry is not only the relatively new owner of The Boston Globe, he’s also the publisher. Henry, who bought the Globe from The New York Times Company for $70 million last October, has tapped himself for the role. This is the kind of decision you can make when you own things.

In an announcement, Henry said “My main role as publisher is to ensure that the Globe has the right management and that management has the resources to accomplish its mission.”

In other Globe news, Henry named Mike Sheehan CEO. Sheehan was formerly a CEO at the ad agency Hill Holliday.

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Boston Globe Closing Date: October 15

The New York Times Company and John Henry have agreed to October 15 as the closing date for the sale of The Boston Globe. Henry, the owner of the Boston Red Sox, had his $70 million bid for the Globe accepted by the Times in August.

According to The Boston Business Journal’s sources, Henry is taking his new property quite seriously. Henry and his wife, Linda Pizzuti, have maintained a “near-daily presence” at the Globe since they won the bidding process. Their focus has been on where to move the Globe, as each proposal to purchase Globe included plans to move the paper from its current headquarters to a smaller, less expensive space.

The Globe currently occupies a building on Morrissey Blvd., valued anywhere from $29 million to $71 million. Experts claim that reclassifying the property as residential would probably increase its value above Henry’s $70 million offer for the Globe.

New York Times Posts Profit in 2Q

The New York Times posted a profit in the second quarter, buoyed by circulation revenue, which grew by five percent compared to 2012′s second quarter. According to the Times, circulation revenue jumped from $233 million last year to $245.1 million this year.

Gains from circulation were mostly offset by declines in ad revenue, which dropped by almost six percent (5.8) compared to 2Q 2012. Print ads dropped by 6.8 percent and digital ads declined by 2.7 percent.

Digital readers continue to be a significant bright spot for the Times. The paper now has 699,000 digital subscribers, which represents a whopping 35 percent increase compared to last year.

Pretty Much Everyone is Rumored to Buy The Boston Globe

Ever since the New York Times Company announced that it was selling the Boston Globe, people have been speculating about who/what will purchase the paper.

Because the media is nothing but precise, that list has now been narrowed down to about 834 potential buyers. Below are all the ones we found mentioned, but we’ve surely missed one or 500.

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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.

Robert Christie, New York Times Communications Exec, Departs Company

Robert Christie, senior vice president of corporate communications for The New York Times Company since 2010, is leaving the company. Christie came to the Times from Dow Jones & Company.

According to the Times, after Christie leaves, his position will be eliminated. Eileen Murphy, vice president of corporate communications, will lead the department going forward.

“Bob’s extensive experience and broad range of contacts in the industry have been very valuable over the past three years,” wrote Mark Thompson, CEO of the Times, in a memo.

New York Times Staffers a Little Worried About Mark Thompson, Their New CEO

Today marks the beginning of the Mark Thompson era at The New York Times Company, and it could be a long time before he settles in comfortably. Thompson comes aboard as his past stint at BBC continues to haunt him.

Currently, British law enforcement agents are investigating the celebrity Jimmy Savile over allegations that he abused hundreds of underage girls. Thompson enters into that picture because people have claimed that under his watch, the BBC program Newsnight killed an investigative piece on Savile, in an effort to quiet the scandal. To make matters worse, Thompson’s successor and two other senior executives have abruptly resigned due to pressure from the alleged misconduct.

As you can imagine, Times staffers are a little worried about the whole thing.

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New York Times’ Scott Heekin-Canedy to Retire, Role Will Be Eliminated

Scott Heekin-Canedy is retiring from The New York Times Company, effective December 30. Heekin-Canedy has been with the Times since 1992; serving as president and general manager since 2004.

Heekin-Canedy was one of the forces behind the Times implementing its paywall, which has been a success. In a note to staff, Arthur Sulzberger said losing Heekin-Canedy meant that “we are losing a great talent who has seen us through a very difficult economic period.”

According to the Times, Heekin-Canedy’s position will be eliminated when he steps aside.

New York Times Gains Digital Subscribers, But Revenue Drops

The New York Times Company reported its third quarter earnings today. Let’s go with the good news first. Circulation revenue at the company rose by seven percent during the last quarter, thanks in large part to the success of digital subscriptions. The number of digital subscribers to The New York Times and The International Herald Tribune rose to 566,000, an 11 percent increase since 2Q.

Now for the bad news. The company saw overall revenue drop by 0.6 percent, to $449 million. Revenue fell because ad earnings crashed by almost nine percent.

Arthur Sulzberger, of course, tried to stick to the positive news from the report. “While our results for the third quarter reflect continued pressure on advertising revenues, total circulation revenues rose, led by the ongoing expansion of our digital subscription base,” said Sulzberger, in a statement.

New York Times and Union Agree to Mediation

Right on the heels of a promise to send one “final offer” to New York Times union members, the company and the Newspaper Guild of New York have decided to bring things to a mediation.

According to the Guild, it suggested that the two parties bring in Martin Scheinman to be the mediator, and the Times agreed. The mediation agreement — at least for now — means that no “final offer” will be made by the Times.

The Guild sounded cautiously optimistic about the news:

Scheinman has been involved in recent mediations and arbitrations involving The Times, and his abilities are respected by both the Guild and the company. It is the belief of both sides that his involvement heightens the potential of reaching a fair and mutually acceptable agreement.

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