New York Times not to sell Boston Globe
Washington: The New York Times announced that it has scrapped plans to sell The Boston Globe, which it was earlier trying to dispose off due to deep financial crisis, after significant improvement in its revenue.
NYT Co Chairman Arthur O Sulzberger Jr and chief executive Janet Robinson in a memo sent to its employees said the Globe`s finances had improved after aggressive cost cuttings in recent months.
Prominent among these included new union contracts that saved USD 20 million, cuts in management compensation, and consolidation of printing plants. The Globe also increased revenue by significantly raising the price of newsstand and home delivery copies of the paper.
"With these strategic steps, the Globe is on track to achieve substantial savings and is on a path to a more secure financial future," Sulzberger and Robinson wrote yesterday.
"We know this has been a long and painful process, and we deeply appreciate the focus and dedication that you have all displayed over the past several months," they wrote.
The New York Times had put 137-year-old The Boston Globe – one of the prestigious and popular news papers in the US – on the market early this year as it went into a deep financial crisis. It even had to raise money from its new building in mid-town Manhattan, New York.
More from India
More from World
More from Sports
More from Entertaiment
- Defence Minister Manohar Parrikar stands in a queue at Pune wedding!
- One Rank, One Pension: What is complicating its implementation? Part-2
- Jharkhand's Health Minister slaps political rival in public
- India's second deadliest heatwave kills more than 2000 people
- My News: People forced to pay for govt water tankers in Sangam Vihar
- Check CHSE orrisharesults.nic.in, chseodisha.nic.in for Class 12 (Plus Two) Result 2015
- Will ask SC if India can pursue Captain Saurabh Kalia case against Pakistan in ICJ: Sushma Swaraj
- Salman, Aamir, Shah Rukh in a film together?
- Even 100 Rahul Gandhis cannot match PM Narendra Modi's mega wave: Shiv Sena
- Anti-minority remarks by Sangh Parivar leaders 'uncalled for': Narendra Modi