The New York Times Company Agrees to Sell Its New England Media Group to John W. Henry
NEW YORK, NY - August 3, 2013 - The New York Times Company 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.
Dirks, Van Essen & Murray, a newspaper merger and acquisition firm in Santa Fe, New Mexico, acted as an adviser to John Henry in the transaction.
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
Also included in the sale is the company’s 49 percent interest in Metro Boston.
"The Boston Globe’s award-winning journalism as well as its rich history and tradition of excellence have established it as one of the most well respected media companies in the country," John Henry said in a statement published in the Globe. He cited the "essential role that its journalists and employees play in Boston, throughout New England, and beyond."
"We are very proud of the association we have had with The Boston Globe and the Worcester Telegram & Gazette and we’re delighted to have found a buyer in John Henry, who has strong local roots and a deep appreciation of the importance of these publications to the Greater Boston community," said Mark Thompson, president and CEO of The New York Times Company.
Mr. Thompson continued, "As a result of this agreement, we will be able to sharpen our company focus on and investments in The New York Times brand and its journalism."
About The New York Times Company
The 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.
For more information contact Owen Van Essen at Dirks, Van Essen & Murray at 505-820-2700 or email@example.com.