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
About The New York Times CompanyThe New York Times Company (NYSE:NYT), a leading global, multimedia news and information company with 2012 revenues of $2.0 billion, includes The New York Times, the International Herald Tribune, The Boston Globe, NYTimes.com, BostonGlobe.com, Boston.com and related properties. The company’s core purpose is to enhance society by creating, collecting and distributing high-quality news and information. This press release can be downloaded from www.nytco.com .