New York Times puts Boston Globe up for sale again

Revenues at Boston Globe declined much more in recent years; NYT had tried to sell it in 2009

The New York Times Co is putting up The Boston Globe for sale for a second time as it attempts to shed one of its last properties, according to a company statement.

Evercore Partners has been retained as advisers in the sale, which also includes the Worcester Telegram & Gazette, the company said.

The sale is another twist in a strained relationship between the Globe and its parent. The New York Times tried to sell the Globe in 2009 as the newspaper struggled with losses, but decided against it after winning concessions from Globe's unions and implementing cost cuts.

Morningstar analyst Joscelyn MacKay said revenue at the Boston Globe declined much more in recent years than at the New York Times.

At the New England Media Group, which is the formal name of the unit up for sale and that includes the Globe and the Worcester Telegram & Gazette, total revenue declined 0.8% to $394.7 million last year. That compares with the New York Times' revenue increase of 2.6% to $1.6 billion.

"A company with just the New York Times will be a much more solid company," MacKay said.

The move to put the properties on the block is one of the first major initiatives of CEO Mark Thompson, who started with the company in November.

Once a sprawling media conglomerate, the New York Times owned magazines, dozens of newspapers, TV and radio stations, sports clubs like the Boston Red Sox, cable channels and Internet properties such as About.com.

But it has shed almost all of its assets in recent years. It now owns the flagship newspaper and the International Herald Tribune.

Bloomberg first reported the news of the sale.

Shares of the New York Times closed down 0.4% at $9.03 on Wednesday.