Dividend.com: NYT Giving Up Globe

New York Times Hires Goldman to Sell Boston Globe

According to a Boston Globe report, struggling newspaper giant New York Times(NYT Quote) is planning to sell the Boston Globe with Goldman Sachs(GS Quote) pegged as the manager of the sale. The Globe cited two potential unnamed buyers for the report. It said that the New York Times will begin accepting bids within a few weeks.

The New York Times has been struggling to come to labor agreements with Globe labor unions recently and said it needed to cut costs or risk shutting the newspaper. The Globe posted $50 million in operating losses last year and is expected to lose $85 million this year. New York Times shares fell 18 cents or 2.9% in early afternoon trading Wednesday.

Shares of New York Times are off 52-week highs of $17 a share. The stock has technical support in the $4 to $5 price area. If the shares can firm up, we see overhead resistance around the $9 price level. We do not currently rate this former dividend-paying stock, but we watch the shares of the newspaper giant very closely.

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