New York Times 'Not for Sale', Chairman declares

"The Times is not for sale," Arthur Sulzberger Jr., Publisher and Chairman of the New York Times Co. and Vice Chairman, Michael Golden, declared in a statement Wednesday night.

The announcement comes less than a week after two other high-profile deals have shaken up the industry.

On Saturday, the Times sold the Boston Globe to Red Sox owner John Henry for $70 million, and earlier this week, the Washington Post Company said it was selling its flagship Washington Post newspaper to Amazon.com founder Jeff Bezos for $250 million, ending four generations of family ownership.

These sales have left the Sulzbergers as the only family running a major newspaper in the U.S.

Washington Post Co. CEO Donald Graham said he and the rest of the company's leadership "decided to sell only after years of familiar newspaper-industry challenges made us wonder if there might be another owner who would be better for the Post."

Sulzberger said he and New York Times vice chairman Michael Golden had spoken to Graham about his decision to sell, but Sulzberger said he was not interested in taking the same path.

"Will our family seek to sell The Times? The answer to that is no," said Sulzberger, in an email to employees. "The Times is not for sale, and the trustees of the Ochs-Sulzberger Trust and the rest of the family are united in our commitment to work together with the company's board, senior management and employees to lead The New York Times forward into our global and digital future."

The newspaper industry, both in the United States and other developed markets, is in the midst of a massive upheaval as news consumers increasingly turn to computers, smartphones and tablets for their daily dose of news.

This has led to a general decline in newspaper sales and advertising revenue. On top of that, layoffs have become a constant reality for those working in the newspaper business.

Sulzberger said the Times has been successful with its digital subscription model, noting that the paper has been profitable and the company is consistently reporting strong cash flows.

Sulzberger said the Times plans to continue innovating and investing in itself, he said.