After spending months in exploring a possible sale of The Worcester Telegram & Gazette, American media firm The New York Times Company has decided not to sell the Massachusetts-based newspaper.
In a memo to T&G employees, Times Company Chairman Arthur O Sulzberger and Chief Executive Officer Janet L Robinson said on Monday: "We have completed the process of exploring strategic alternatives for the Worcester Telegram & Gazette and telegram.com, and concluded that these properties should remain a part of The New York Times Company."
The move is followed by progress that has been made this year at the T&G. Further, the company look forward to continue with improvement.
The memo further said: "T&G is making substantial progress in transforming every part of its journalistic and business operations," on account of cost cutting measures.
"While the changes we made were often difficult, resulting in restructuring in virtually every department along with significant staffing reductions," the memo added.
Earlier, in October Times Company reportedly given up the idea of selling The Boston Globe but said it would still explore a possible sale of T&G.
"We are convinced that in partnership with The Boston Globe you (T&G employees) are now prepared to move forward to a brighter future," Times Company executives said.
American media firm best known as the publisher of its namesake, The New York Times.
