The New York Times has announced that it has scrapped plans to sell The Boston Globe after the daily posted significant increase in 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 $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 on Wednesday.
"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.