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Tuesday, December 27, 2011

Times Co. Agrees to Sell Regional Newspaper Group -

December 27, 2011, 5:06 pm

6:00 p.m. | Updated The New York Times Company announced on Tuesday that it had reached an agreement to sell the company’s Regional Media Group to Halifax Media Holdings, of Daytona Beach, Fla., for $143 million in cash.

The announcement comes just a week after the Times Company said it was in advanced talks with Halifax to sell its regional media group, which consists of 16 regional newspapers including The Gainesville Sun; The Press Democrat in Santa Rosa, Calif.; The Sarasota Herald Tribune; and The Tuscaloosa News.

The deal is expected to be completed in the next few weeks. The company, in a statement, said it estimates net after-tax proceeds from the sale will be approximately $150 million.

Times Co. Agrees to Sell Regional Newspaper Group -

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