In an effort to increase their cash flow, The New York Times sold part of their headquarters. In a reportedly $225 million deal, the newspaper sold 21 floors of their midtown Manhattan location to W.P. Carey & Co.- an investment company. They will now lease the property from its new owners.
The newspaper company is raising cash so they can pay off their debt, which peaked at over $1 billion in 2008.
The New York Times is also reportedly looking for a buyer to purchase their share in a company that owns the Boston Red Sox's baseball team.