New York Times Company Could Sell Assets
Executives at the New York Times Company aren’t yet stocking up on "For Sale" signs. Still, for the right price, it’s starting to seem like they’re willing to part with any property other than the similarly named newspaper.
What’s that list of properties include? The Boston Globe, the International Herald Tribune, About.com, and (surprise!) a stake in the Boston Red Sox, for starters. "We are not married to any one asset, other than the New York Times newspaper," admitted CFO James Follo, according to Reuters.
Newspapers of every size are having a tough time, of course, so an asset sale could help keep the New York Times Company profitable (and/or afloat). Follo did continue, however, "We’re not going to do a deal until the valuation is right."
CEO Janet Robinson also appeared less than enthusiastic about the prospect of any transactions. She even pointed out that now isn’t a great time to unload assets; money doesn’t flow too freely in our current economy.
We’ll see what happens, then. But, even if raising cash wasn’t a concern, we believe the New York Times Company would make a lot of people happy by separating itself from the Boston Red Sox.