According to representatives from The New York Times, the company has retained Evercore Partners to advise them and help manage the sale of the Boston Globe and its sister companies within the New England Media Group, including Boston.com.
Bloomberg first broke the news citing unnamed sources Wednesday.
“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, president and CEO of The New York Times Company.
Thompson said “given the differences between [The Globe and the Worcester Telegram & Gazette] 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.”
It’s not the first time The New York Times Company has thought about shredding its relationship with the Globe.
In 2009, the New York paper decided to hold onto the sister paper, after initially threatening to shut down amidst a loss in value.
According to a Globe report, “after receiving wage cuts and other cost-saving concessions from Globe employees, the Times decided not to sell…because it had received bids lower than it had hoped from two different business groups.”
The New York Times co. purchased the Boston Globe in 1993 for more than $1 billion dollars, making it “by far the highest price paid for a single newspaper” according to reports.
Of course, when Bloomberg broke the news on Wednesday, it wasn’t safe from the snark of the Twitter-sphere.
Almost immediately after the report surfaced, people took to the social media site to talk about what they would do if they owned the Globe, or took the helm of the paper’s operations.