Following the stunning news of the sale of The Washington Post this week, and that of Boston Globe last week, The New York Times has thought it fit to make a public announcement that it is not for sale, scotching speculation in some quarters that it may be the next newspaper giant on the block.
“Will our family seek to sell The TimesIJ The answer to that is no,” said NYT chairman and publisher Arthur Sulzberger Jr., whose family has controlled the premier newspaper since 1896.
“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,” said Sulzberger in a statement, released after holding a closed-door meeting with family members.
Sulzberger and Vice Chairman Michael Golden cited the NYT’s success with its digital subscription model, its profitability and strong cash flow as reasons that the paper was “perfectly able” to fund its future growth.
“The Times has both the ideas and the money to pursue innovation,” they said.
There has been some speculation lately that a media mogul like New York Mayor Michael Bloomberg might purchase The Times at some point. Refuting such talk in an interview to The Daily Beast last week, Sulzberger had dismissively commented: “The Times is Not. For. Sale.”
Stating that he and Golden had spoken to The Washington Post chairman and CEO Donald E. Graham over the decision to sell The Post, Sulzberger said The Times does not plan to follow a similar path.
Sulzberger and Holden cited plans by NYT’s president and CEO Mark Thompson to find profits by expanding “investment internationally, in video, in paid products and in brand extensions”. They also spoke of the editorial strengths of executive editor, Jill Abramson, and the editorial page editor, Andy Rosenthal.
On the earnings front, The Times, while admitting a troubled print advertising market, had reported last week that it made a profit in the latest quarter. The company reported that net income rose to $20.1 million in contrast to a loss of $87.6 million.