Updated from 10:41 a.m. EDT
Instead of shutting it down, The
New York Times
may try to eek out what it can from the
by selling it.
own reporters -- many of whom elected to reject a pay cut in a union vote Monday despite threats from the
that the paper's very survival was at stake -- broke the story Tuesday night. The news appeared in the morning edition of the 137-year old daily paper.
to shop the
reported, citing two "interested" buyers.
The sources, both anonymous, told the
that while the
is interested in a sale, it's not a foregone conclusion that it will unload the Boston daily, one of two in that city.
spokesperson declined to comment on the report, citing company policy on "rumors concerning potential acquisitions and divestitures."
Despite its many problems, the
still throws off cash. In 2008, the New England Media unit of the
, of which the
is a part, generated more than half a billion dollars in revenue, though it posted a loss of $50 million over the same 12 months.
has said that the
is on track to lose $85 million in 2009. Some, however, have questioned that number's accuracy, thinking it too high, most notably members of the Globe reporting staff, who have alleged that the
purposefully inflated the estimated loss as a bargaining tool to win further concessions from workers.
All of which raises an important point, brought up in many other places: labor strife plus projections of big losses do not normally make for an attractive acquisition target.
For comparison's sake, the
bought the Boston daily in 1993 for $1.1 billion.
Meanwhile, the Globe's biggest union, the Boston Newspaper Guild, followed through on its promise to file a complaint with the National Labor Relations Board over the 23% wage cut introduced by management Wednesday. Union members had earlier rejected a contract that would have cut wages and benefits by $10 million total.
In Wednesday trading,
shares ended the session slightly lower, at $6.18, down 16 cents.
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