New York Times Co.
agreed to take a minority equity stake in
and said it is discussing opportunities for strategic alliances with the online provider of financial and investment news.
Times Co. said it would invest $15 million in cash and services for the stake, the size of which wasn't disclosed. The company, which publishes
The New York Times
The Boston Globe
and holds other media properties, said its vice chairman, Michael Golden, has been nominated to join
board of directors.
Times Co. said
is "a good strategic fit with our own customer base, which needs timely and quality information to make informed investment decisions."