The New York Times Company announced late Wednesday that it had called off efforts to sell the Boston Globe. However, the company is still assessing its options with regard to the Worcester Telegram & Gazette.
“The great things you have accomplished both on the financial side and the editorial side of the Globe and Boston.com have solidified their positions as the leading media vehicles in the region. With these strategic steps, the Globe is on track to achieve substantial savings and is on a path to a more secure financial future,” said NY Times Co. Chairman Arthur Sulzberger Jr. and CEO Janet Robinson in an email to the company’s Boston employees.
The company demanded and won $20 million in annual concessions from the Globe’s unions, cut management pay and consolidated printing operations. It has also seen an increase in revenues from raising subscription prices.
Goldman Sachs had been shopping both the Boston Globe and the Worcester paper for the Times Co. Final bids had been received last Friday. But now, it’s “no sale.”