New York Times Co. (NYSE: NYT) execs have said all along they might not sell the Boston Globe and today, the company announced just that, halting the months-long bidding process. The statement: “On October 14, 2009, The New York Times Company (the “Company”) announced that after careful consideration and analysis, it has terminated the process to explore the sale of The Boston Globe, Boston.com and related businesses and they will remain within the Company. The Company continues to assess strategic alternatives for the Worcester Telegram & Gazette, and is determined to reach a conclusion there quickly.” A possible bidding group for the Worcester paper emerged in recent days.
Chairman Arthur Sulzberger, Jr. and CEO Janet Robinson told employees of the decision via a memo (text below) after the market closed this afternoon. In it, they cited “significantly improved” finances: “All along, we explicitly recognized that a careful restructuring of the Globe was one possible route and, thanks to your hard work, that is precisely what has been done.” That restructuring included the labor negotiations that cut $20 million from union contracts, managed in part by threatening to close the paper if the demands weren’t met.
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