US multimedia news and information company The New York Times Company (NYSE:NYT) said it hired Evercore Partners Inc (NYSE:EVR) advisor on a planned offload of its The New England Media Group.
There is no guarantee that any deal would materialise, and further details would be provided upon potential entering into such a transaction, The New York Times Company said.
The New York Times Company’s New England Media Group includes The Boston Globe, BostonGlobe.com, Boston.com, Worcester Telegram & Gazette, Telegram.com and GlobeDirect. A sale would also include the 49% stake in Metro Boston.
A divestment would be in line with The New York Times Company’s strategic focus on the The New York Times brand, the firm’s CEO Mark Thompson noted. In view of the differences of The New York Times with The Boston Globe and the Worcester Telegram & Gazette, a sale would be in the best interest of The New York Times Company’s stockholders and of those target assets, the CEO said.