The New York Times Company (NYSE:NYT) said late yesterday it has agreed to sell its Regional Media Group to Halifax Media Holdings for $143 million in cash.
The group consists of 16 regional newspapers and other print publications and related businesses.
New York Times chairman Arthur Sulzberger said the sale will enable the New York Times Company to continue its transformation to a digitally focused, multiplatform media company.
Newspaper owners from The Washington Post Company (WPO) to Gannett (NYSE:GCO) to McClatchy (MNI) have faced a growing struggle with making money on subscriptions and advertising as more people turn to the internet for news.
The Times said it will use the proceeds of the transaction, which is expected to close in the first quarter, for general corporate purposes.
Look for New York Times shares to be heading higher Wednesday.
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