The New York Times Company has abannoned their attempts to sell the loss-making Boston Globe. The company had been looking for a buyer over the last few months but had only ever managed to provoke a lukewarm response from possible buyers.
Arthur Sulzberger Jr, chairman of The New York Times Company, told staff via email that the Boston Globe’s finances had improved enough to reduce the need to sell the daily paper.
The New York Times Company paid just over $1.1bn in 1993 for the paper – the highest ever paid for a single US newspaper – but it is reported the best bids they had for their sell were in the region of $35m.
The company is believed still to be looking for a buyer for its small share in New England Sports Ventures which owns the Boston Red Sox baseball squad.