New York Times (NYSE:NYT) has announced plans to sell its subsidiary New England Media Group. That unit includes the Boston Globe newspaper and its website; GlobeDirect, the paper's direct mail marketing company; and several other online and hard-copy assets. New England Media Group also holds a 49% stake in the free newspaper Metro Boston.
The sale of the subsidiary is part of the company's strategy of concentrating on its flagship property. It quoted CEO Mark Thompson as saying that it "demonstrates our commitment to concentrate our strategic focus and investment on the New York Times brand and its journalism."
The company did not speculate on a potential sale price, nor did it provide a timetable for a deal.
New York Times bought the Boston Globe for $1.1 billion in 1993. At the time, that was a record-high price for a newspaper.