The New York Times Company (NYSE: NYT) has entered into an agreement to sell its New England Media Group to an acquisition company owned by John W. Henry, the principal owner of Fenway Sports Group, for $70 million in cash, subject to customary adjustments. The all-cash transaction is expected to close in 30 to 60 days. The company intends to use the net proceeds for general corporate purposes.
The principal properties that make up the New England Media Group are:
- The Boston Globe
- Worcester Telegram & Gazette
- GlobeDirect, the Globe’s direct mail marketing company
Also included in the sale is the company’s 49 percent interest in Metro Boston.
”We are very proud of the association we have had with The Boston Globe and the Worcester Telegram & Gazette and we’re delighted to have found a buyer in John Henry, who has strong local roots and a deep appreciation of the importance of these publications to the Greater Boston community,” said Mark Thompson, president and CEO of The New York Times Company.Mr. Thompson continued, “As a result of this agreement, we will be able to sharpen our company focus on and investments in The New York Times brand and its journalism.” Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. These risks and uncertainties include national and local conditions, as well as competition, that could influence the levels (rate and volume) of circulation and advertising generated by the company’s various markets and the development of the company’s digital businesses. They also include other risks detailed from time to time in the company’s publicly filed documents, including the company’s Annual Report on Form 10-K for the year ended December 30, 2012. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.