The fire sale at the New York Times Co. continues.
The embattled publishing company yesterday put its Boston Globe newspaper on the block — again — as part of an effort to jettison all things not New York Times.
The Times Co. bought the paper for $1.1 billion in 1993. Most industry observers think it will lucky to attract even a fraction of that price in today’s reeling market for big city dailies.
“Our plan to sell the New England Media Group demonstrates our commitment to concentrate our strategic focus on the New York Times brand and its journalism,” said Mark Thompson, CEO of the Times Co.
NEMG includes the Worcester Telegram & Gazette and a 49 percent stake in the Boston edition of Metro, a freebie newspaper.
“To the extent there is still a sweet spot for newspapers it’s in small and mid-sized papers with a local monopoly, and the Boston Globe is not that,” said John Morton, an industry analyst.
“The most likely buyer I think is an equity player who sees hidden value and wants to flip it in five or six years, or somebody local who wants to preserve it,” said Morton.
In 2006, the Times Co. reportedly spurned an offer for as much as $600 million from retired General Electric Chairman Jack Welch — one of several potential bidders to kick the tires over the years.
Evercore Partners has been retained to handle the sale.
A big obstacle that had weighed down past bids was the Globe’s staggering pension liabilities.
Times Co. is now, according to Bloomberg, trying to separate pension liabilities from the sales price, allowing for higher bids on the papers.
Recently, Times Co. sold About.com and some Southern regional newspapers.