Times Publishing Co. is putting the headquarters of the Tampa Bay Times up for sale, Katherine Snow Smith reports for the Tampa Bay Times.
The proceeds from selling the eight-story offices, which consist of three buildings, will go toward paying down debt owed to Boston-based finance company Crystal Financial, Times Publishing Co. Chairman Paul Tash tells The Times:
“The proceeds — combined with other pending transactions — will extinguish our debt to Crystal Financial in Boston,” Tash said. “Crystal has been an excellent financial partner, and that loan has given us time to restructure the company for the post-recession realities. Selling the building will close the chapter.”
Poynter owns the Tampa Bay Times.
The Tampa Bay Times, which last year announced a 5 percent pay cut, has not been immune from the financial woes that have gripped the newspaper industry. In March, The Times announced a round of buyouts in advance of staffing reductions.
The Times will join several other newspapers, including The Washington Post and The Miami Herald, that have cashed in on their real estate holdings to purchase some breathing room, Smith writes.
from Poynter. http://ift.tt/1By1bu1