One more major city daily has gone on the market, as publishers across the nation try to salvage the prospects of the biggest newspapers. The Boston Globe will be dumped by The New York Times Co. (NYSE: NYT). Evercore Group will market the property.
The Globe cannot have much of a future. It has not had the kind of success that the Times itself has had selling online subscriptions and has only 28,000. Daily circulation of the paper is only 230,000. Advertising revenue is still falling, and online ads have not made up for that.
Several other large city dailies are for sale, among them the Tribune company's Chicago Tribune and LA Times. Some national publishers have tried to solve the problem of dropping print revenue by cutting the publication of the physical paper to three or four days a week. In rare cases like Ann Arbor, parent Advance closed the paper completely. Publishers still hope to increase traffic to their websites, but the evidence that big city online visits continue to grow quickly is rare.
Someone will buy the Globe, but that does not mean it can be turned around.
Filed under: 24/7 Wall St. Wire, Media, Old Media Tagged: NYT