The New York Times Company to Acquire the Worcester Telegram & Gazette
Posted on October 15, 1999The New York Times Company and The Chronicle Publishing Company announced today that the Times Company has signed an agreement to acquire the Worcester Telegram & Gazette in Worcester, Massachusetts. The announcement was made by Russell T. Lewis, president and chief executive officer of the Times Company.
Mr. Lewis said: "We are delighted to be acquiring the Worcester Telegram & Gazette and look forward to building on its tradition of quality journalism and service to readers, advertisers and the Worcester community. This acquisition also serves the interests of our shareholders given the financial strength of the Telegram & Gazette and the continuing growth of the market that it serves. That growth is being led by high technology and biotechnology firms. This newspaper is a good fit with our other long-term growth properties.
The Telegram & Gazette, the largest paper in Worcester County, has a daily circulation of 107,000 copies and a Sunday circulation of 134,000. The daily paper achieves a household penetration of 40 percent in Worcester County; the Sunday paper achieves 50 percent. Worcester County is west of the Boston metropolitan area. The purchase price of the Telegram & Gazette was approximately $295 million.