NY Times Co. is ‘pleased’ with the progress of its efforts to sell The Boston Globe
New York Times Co. chief executive Mark Thompson, speaking at an investor conference in Boston Tuesday morning, said he was “very pleased with the interest, and the progress, that’s been expressed so far” in the company’s effort to sell The Boston Globe.
He declined to offer details on the sales process. The Times Co. in February announced it planned to sell the New England Media Group, which includes the Boston Globe, as it focuses on its flagship newspaper and an international strategy.
Thompson called the Globe “a great newspaper in a great city” and cited recent coverage of the marathon bombings as a display of strength. However, he said the Globe, as a metro, or regional newspaper, is “a very distinct business from the New York Times.”
The Times Co. hired the investment banking firm Evercore Group to seek bids on the Globe, its online properties, The Worcester Telegram & Gazette and other assets. In recent weeks, Evercore has held a series of at least six meetings with bidders and potential investors in the Globe, according to several people involved in or briefed on the meetings. Globe executives were asked to make presentations at those meetings.
The next phase of the process is to open a virtual “data room” with more in-depth financial information on the company to those interested in offering formal bids.Beth Healy can be reached at firstname.lastname@example.org.