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Sulzberger to Staff: New York Times Not for Sale

Sulzberger to Staff: New York Times Not for Sale

By    |   Thursday, 08 August 2013 09:45 AM

Less than a week after the New York Times Co. sold the Boston Globe and The Washington Post was sold to a new owner, the chairman and vice chairman of the New York Times have sent a clear message: The Times is not for sale.

According to Politico, which obtained a copy of a memo to the Times staff, Chairman Arthur Sulzberger Jr. and Vice Chairman Michael Golden were surprised by the sale of the Post to Amazon founder Jeff Bezos for $250 million, putting an end to the 80-year stewardship of the Graham family.

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"We were all taken by surprise on Monday afternoon with the announcement of the Graham family's decision to sell The Washington Post. Surprise probably doesn't cover it; we were stunned," wrote Sulzberger and Golden in the memo on behalf of the Ochs-Sulzberger Trustees and family who own the Times.

"It’s sad to see a great American newspaper family like the Grahams depart from The Post, a publication for which we at The Times have much affection and common ground."

Just two days before the Post sale, the New York Times Co. sold the Boston Globe to Boston businessman and Red Sox owner John Henry for $70 million. The Sulzberger-Golden memo did not mention the Globe sale.

Responding to what they say has been speculation and concern about the future ownership of The New York Times, the two gave an unequivocal answer.

"Will our family seek to sell The Times? The answer to that is no. The Times is not for sale," they wrote.

"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," they said, noting the company is both profitable and generating a strong cash flow to support future growth.

"We're incredibly proud of our association with this great institution and, on behalf of the trustees and the other members of our family, we plan for that association to continue for many years to come."

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Less than a week after the New York Times Co. sold the Boston Globe and The Washington Post was sold to a new owner, the chairman and vice chairman of the New York Times have sent a clear message: The Times is not for sale.
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Thursday, 08 August 2013 09:45 AM
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