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 a $28 million 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.
In a memo addressed to Times employees, Tash explains that the building has become a liability as staff reductions have left the paper with unused space and unnecessary upkeep costs. St. Read more