After nearly a year of back-and-forth, including threats to shut down the Boston Globe entirely, the New York Times Co. has now decided that it kind of likes the property after all.
The Globe has significantly improved its financial footing by following the strategic plan it set out at the beginning of this year,” said a memo to employees from CEO Arthur Sulzberger and President Janet Robinson to Globe employees this afternoon. “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.” The NYT Co. wrung significant concessions out of its unions earlier this year under the threat of closure.
The company will continue to try to sell the Worcester Telegram. Sulzberger and Robinson are set to meet with employees on Thursday. More to come.
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Yeah, I guess you can trust ole Pinch to queer a deal. Not for sale only cause the pension liabilities doubled, yes DOUBLED, inside of a week. From 50 million to 100million.
Serves these dopes right for not doing due diligence