Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

New York Times to Sell Regional Media Group for $143 Million

New York Times to Sell Regional Media Group for $143 Million
Taxi cabs drive past The New York Times Co. headquarters in New York. Photographer: Michael Nagle/Bloomberg

Dec. 27 (Bloomberg) -- New York Times Co., struggling with a drop in advertising sales, agreed to sell its regional-newspaper unit to Halifax Media Holdings LLC for $143 million.

The cash deal is expected to be completed within a few weeks, the New York-based company said today in a statement. Times Co. said last week it was in talks with Halifax to sell the 16 publications, including the Press Democrat in Santa Rosa, California, and the Star-News in Wilmington, North Carolina.

Times Co. Chief Executive Officer Janet Robinson is retiring on Dec. 31 after seven years marked by falling circulations and declining advertising revenue. The company’s shares have fallen more than 80 percent since the end of 2004 as management has grappled with ways to reinvigorate profit, including charging for online content.

The unit’s sale will help Times Co. “continue our transformation to a digitally focused, multiplatform media company,” Chairman Arthur Sulzberger Jr. said in the statement. He will also serve as interim CEO after Robinson steps down.

Halifax Media is based in Daytona Beach, Florida, and owns the Daytona Beach News-Journal. The 16 newspapers represent “not only an important community service, but, in our eyes, a good investment,” CEO Michael Redding said in the statement.

Times Co. fell 3 cents to $7.76 at the close in New York. The shares have dropped 21 percent this year.

To contact the reporter on this story: Alex Sherman in New York at asherman6@bloomberg.net.

To contact the editor responsible for this story: Peter Elstrom at pelstrom@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.