New York Times Won't Sell Globe

NEW YORK (TheStreet) -- New York Times Co. (NYT Quote) has decided not to sell the Boston Globe.

Times Co. had threatened last spring to close the newspaper because of mounting losses.

After months of hunting for a prospective buyer, the company halted the search because the Globe didn't draw bids it felt were high enough, and because the newspaper's finances had improved enough that Times Co. no longer believed it had to sell if the offers weren't attractive enough.

Two bidders made preliminary offers for the Globe and the Worcester Telegram & Gazette of about $35 million and the assumption of pension obligations, the New York Times reported. Times Co. said in a regulatory filing it was still considering options for the Worcester Telegram.