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The Times said its parent company "intends to make a deal quite quickly" and has set a July 8 deadline for initial, nonbinding bids.
The pension liabilities reportedly include 51 million dollars at the Boston Globe and eight million dollars at the Worcester Telegram and Gazette.
The Times Co. bought the Boston Globe for 1.1 billion dollars in 1993 but the value of the newspaper has plummeted since then along with the fortunes of the US newspaper industry.
The Times Co. bought the Worcester Telegram and Gazette, the largest newspaper in central Massachusetts, for 295 million dollars in 2000,
The Times Co. reached agreement on 10 million dollars in wage and benefit cuts this week with the largest union at the Boston Globe, making the newspaper potentially more attractive to a buyer.
The nearly 700 members of the union, the Boston Newspaper Guild, will vote on the proposed package of cuts on July 20.
The Times Co. reached agreements with six of the newspaper's seven unions last month on an additional 10 million dollars worth of cuts.
Like other US newspapers, the Globe has been grappling with a steep drop in print advertising revenue, steadily declining circulation and the migration of readers to free news online.
Before the cuts, the Globe had been forecast to lose 85 million dollars this year, according to the Times Co., which has been struggling with escalating losses of its own and a heavy debt burden.
The Times Co. recently completed a sale-leaseback deal for part of its Manhattan headquarters in a move aimed at raising cash to pay down its debt.
It also received a 250-million-dollar loan from Mexican billionaire Carlos Slim.
The Times is also seeking a buyer for its 17.75 percent stake in New England Sports Ventures, which owns the Boston Red Sox baseball team and their iconic stadium, Fenway Park.
With a weekday circulation of around 300,000, the Boston Globe is the 17th largest newspaper in the United States. It began publishing in 1872.
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The pension liabilities reportedly include 51 million dollars at the Boston Globe and eight million dollars at the Worcester Telegram and Gazette.
The Times Co. bought the Boston Globe for 1.1 billion dollars in 1993 but the value of the newspaper has plummeted since then along with the fortunes of the US newspaper industry.
The Times Co. bought the Worcester Telegram and Gazette, the largest newspaper in central Massachusetts, for 295 million dollars in 2000,
The Times Co. reached agreement on 10 million dollars in wage and benefit cuts this week with the largest union at the Boston Globe, making the newspaper potentially more attractive to a buyer.
The nearly 700 members of the union, the Boston Newspaper Guild, will vote on the proposed package of cuts on July 20.
The Times Co. reached agreements with six of the newspaper's seven unions last month on an additional 10 million dollars worth of cuts.
Like other US newspapers, the Globe has been grappling with a steep drop in print advertising revenue, steadily declining circulation and the migration of readers to free news online.
Before the cuts, the Globe had been forecast to lose 85 million dollars this year, according to the Times Co., which has been struggling with escalating losses of its own and a heavy debt burden.
The Times Co. recently completed a sale-leaseback deal for part of its Manhattan headquarters in a move aimed at raising cash to pay down its debt.
It also received a 250-million-dollar loan from Mexican billionaire Carlos Slim.
The Times is also seeking a buyer for its 17.75 percent stake in New England Sports Ventures, which owns the Boston Red Sox baseball team and their iconic stadium, Fenway Park.
With a weekday circulation of around 300,000, the Boston Globe is the 17th largest newspaper in the United States. It began publishing in 1872.
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