A new owner of the world’s largest newspaper company is planning to earn $100 million in profit on the sale of the Times building in Manhattan, sources told CBC News.
The Times was sold last week to a group led by New York real estate investment company REIT Capital Partners and the New Jersey-based company announced it plans to take over the Times’ Manhattan office, offices and the newspaper’s flagship building, the Times Square building.
The move comes as the news media industry continues to wrestle with the fallout from revelations that the National Security Agency spied on journalists and journalists’ sources, including Trump and his associates.
The sale was approved by New Jersey Gov.
Chris Christie, who has been critical of the NSA and other U.S. government surveillance programs.
The new owners, REIT and the real estate firm New York Management Group, did not immediately respond to requests for comment.
Reit declined to comment.
The New York-based New Jersey office of New Jersey Partners has been negotiating with the Times for weeks, according to sources familiar with the negotiations.
Reits real estate team is led by Peter Schmitz, the former CEO of New York’s Empire State Development Corporation and a board member of Reit.
Schmitz said in a statement the company “remains committed to a strong relationship with the New Yorker family and the Times and will continue to invest in New York.”
“We remain optimistic that our partnership will serve the long-term interests of the company and its employees, our customers and New Yorkers,” he added.
Schmidt said the company has a “strong relationship” with the newspaper and has “a strong history of supporting our local newspapers in New Jersey and throughout the world.”
He said the Times will remain the “home of the news” and its “primary anchor.”
The deal is valued at more than $600 million.REIT Capital is the same firm that sold the Newark Star-Ledger newspaper chain to the company it has been working with for years.
The Times building will be converted into a media and publishing center and the news offices and offices will be relocated. “
We are confident in their ability to deliver on our core mission.”
The Times building will be converted into a media and publishing center and the news offices and offices will be relocated.
It is one of the biggest real estate developments in New Yorkers history, according a report from The Wall Street Journal.
The building was built in the 1930s as the headquarters for the New Orleans Saints and is owned by the city of New Orleans, according the report.