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Wednesday, February 20, 2013

New York Times puts Boston Globe up for sale again, (NYSE: EVR)

The New York Times Co plans to sell The Boston Globe for a second time as it attempts to shed one of its last properties, according to a company statement. Evercore Partners has been retained as advisers in the sale, which also includes the Worcester Telegram & Gazette, the company said.The New York Times tried to sell the Globe in 2009 as the newspaper struggled with losses, but decided against it after winning concessions from Globe's unions and implementing cost cuts.Once a sprawling media conglomerate, the New York Times owned magazines, dozens of newspapers, TV and radio stations, sports clubs like the Boston Red Sox, cable channels and Internet properties such as it has shed almost all of its assets in recent years. It now owns the flagship newspaper and the International Herald Tribune.

Evercore Partners Inc. is an independent investment banking advisory firm. Shares of EVR fell by 1.81% or $-0.73/share to $39.63. In the past year, the shares have traded as low as $20.57 and as high as $40.81. On average, 337664 shares of EVR exchange hands on a given day and today's volume is recorded at 460181.