New York Times, Boston Globe | featured news

The New York Times Company says it plans to sell the Boston Globe and its related assets in order to focus on its namesake newspaper.

The New York Times Co. said Wednesday that its fourth-quarter earnings more than tripled, helped by cost cutting, an improving ad market and lower pension costs.

The publisher of The New York Times, The Boston Globe, the International Herald Tribune and 15 other daily newspapers had its smallest ad revenue decline in a year. Ad revenue dropped 14.7 percent in the fourth quarter from the same period of 2008, compared with a 26.9 percent year-over-year decline during the third quarter.

The New York Times Company and the paper’s largest union agreed to cuts in wages, benefits and job security.

The paper's owner, New York Times Co., has threatened to shut it down unless its unions make $20 million in concessions.