The New York Times not for sale: publisher

Written by PTI | New York | Updated: Aug 9 2013, 01:02am hrs
The New York Times is not for sale, its publisher assured readers and staff today, less than a week after two other high-profile deals have shaken up the US newspaper industry.

"Will our family seek to sell The Times The answer to that is no," said Arthur Sulzberger Jr., who also acts as chairman of the New York Times Co., in an email to employees.

"The Times is not for sale, and the trustees of the Ochs-Sulzberger Trust and the rest of the family are united in our commitment to work together with the company's board, senior management and employees to lead The New York Times forward into our global and digital future," he said.

Sulzberger said the Times has been successful with its digital subscription model, noting that the paper has been profitable and the company is consistently reporting strong cash flows.

Sulzberger said the Times plans to continue innovating and investing in itself, he said.

Sulzberger's statement came as the Times sold the Boston Globe to Red Sox owner John Henry for USD 70 million on Saturday, and earlier this week, the Washington Post Company (WPO) said it was selling its flagship Washington Post newspaper to founder Jeff Bezos for USD 250 million.

Washington Post Co. CEO Donald Graham had said he and the rest of the company's leadership "decided to sell only after years of familiar newspaper-industry challenges made us wonder if there might be another owner who would be better for the Post."

Sulzberger said he and New York Times vice chairman Michael Golden had spoken to Graham about his decision to sell, but Sulzberger said he was not interested in taking the same path.

The newspaper industry, both in the United States and other developed markets, is in the midst of a massive upheaval as news consumers increasingly turn to computers, smart-phones and tablets for their daily dose of news, CNN reported.

This has led to a general decline in newspaper sales and advertising revenue. On top of that, layoffs have become a constant reality for those working in the newspaper business, the report said.

In 2012, The New York Times Company had reported a revenue of USD 2 billion. It reported net earnings of USD 20.1 million in the second quarter of 2013, against a loss of USD 87.6 million a year ago, according to media reports.