Boston Globe Taken Off the Market


After nearly a year of searching for potential buyers, The New York Times Company announced today that it won't sell the Boston Globe after all. In a memo to Globe employees late today Arthur Sulzberger Jr. and Times Co. CEO Janet Robinson wrote:

"The Globe has significantly improved its financial footing by following the strategic plan it set out at the beginning of this year. All along, we explicitly recognized that a careful restructuring of the Globe was one possible route and, thanks to your hard work, that is precisely what has been done."

According to reports, the Globe had two suitors who made preliminary offers of $35 million. They submitted new offers of an undisclosed but probably higher amount last week. Meanwhile, Globe employees, whose careers are no longer in a prolonged state of limbo, declared the news "wicked awesome." [Media Decoder/NYT]