New York Times isn't for sale: publisher
After a week in which both The Boston Globe and The Washington Post were purchased by new owners, the publisher of The New York Times declared Wednesday night that the publication was not for sale.business Updated: Aug 09, 2013 00:45 IST
After a week in which both The Boston Globe and The Washington Post were purchased by new owners, the publisher of The New York Times declared Wednesday night that the publication was not for sale.
In a statement, the publisher and chairman of The New York Times, Arthur Sulzberger Jr said that he and vice-chairman Michael Golden had spoken to Donald E Graham about his decision to sell The Washington Post, stressing that The Times did not plan to follow a similar path.
"Will our family seek to sell The Times? The answer to that is no. The Times is not for sale," the statement said adding that its digital subscription model, its profitability and strong cash flow as reasons it was "perfectly able to fund our future growth."
In the statement, he and Golden cited plans by Mark Thompson, the company's president and chief executive, to find profits by expanding "investment internationally, in video, in paid products and in brand extensions."
In an interview published last week in The Daily Beast, Sulzberger addressed rumours that a media mogul like Mayor Michael Bloom–berg might purchase The Times at some point. "Imagine. People talk. What a shock," Sulzberger is quoted as saying.
The sale of The Post by the Graham family, which owned it for 80 years, to Amazon founder Jeff Bezos leaves The Times as USA's last major newspaper run by a family.