By Kevin McCauley
The New York Times Co. today inked a deal to unload its 16 regional newspaper group to Halifax Media Holdings for $143M in cash.
The transaction is expected to close during the first quarter of the new year. The proceeds are to be earmarked for general corporate purposes.
Arthur Sulzberger, chairman of NYTC, called the properties “news organizations that have served as trusted institutions in their communities, delivering news and information that matter most to their readers.”
The deal enables NYTC management to continue the company’s “transformation to a digitally-focused, multiplatform media company,” according to his statement.
Halifax CEO Michael Reading says the transaction reflects the Daytona Beach-based company’s “belief that a good newspaper is an essential part of any vibrant community. The strong local news coverage these papers provide represents not only an important community service, but, in our eyes, a good investment.” |