BOSTON – After reviewing a final round of bids for the publications, The New York Times Co. said late Wednesday it will not sell The Boston Globe or its Web site, Boston.com.
The Times Co. threatened to close The Globe in April, saying the paper was on track to lose $85 million this year. The news shocked many in Massachusetts and led to turmoil in the newsroom.
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In the intervening months, the company won $20 million in concessions from unions representing Globe workers.
In a memo Wednesday, Times Co. executives explained their decision to keep the paper by saying its financial performance has “significantly improved” since the spring.
They did not say whether they decided the bids for The Globe and Boston.com – reported in the preliminary round to be about $35 million, plus the assumption of $59 million in liabilities – were too low. Final bids were due Friday. The Times Co. paid $1.1 billion for The Globe in 1993.
The Times Co. said it is still considering selling its other local property, the Worcester Telegram & Gazette. A group of businessmen from that city has expressed interest in the paper.
