The New York Times Co. confirmed today they are selling the Boston Globe in an attempt to recoup lost revenue and dwindling ad returns.
According to the Globe, at least two bids for the paper were placed before the July 30 deadline, with one coming from a group proposing a “civic approach” that would make the paper a non-profit organization. The plan would allow the paper to produce quality journalism without worrying about turning a profit.
Is a bake sale next for the newspaper?
Globe publisher Stephen Ainsley promised that a change in ownership wouldn’t affect the paper’s plans to attract advertisers and increase circulation. But he added this:
We continue to be an industry leader in journalism. We are expanding our already excellent online capabilities and features.
Sounds like the Globe is preparing to go online-only. At least if they’re non-profit, they won’t need a pay wall.