Wednesday, December 28, 2011

The New York Times Company Agrees to Sell Its Regional Media Group to Halifax Media Holdings LLC

Market Watch reporting:
NEW YORK, Dec 27, 2011 (BUSINESS WIRE) -- The New York Times Company NYT +0.11% has entered into an agreement to sell its Regional Media Group, consisting of 16 regional newspapers, other print publications and related businesses, to Halifax Media Holdings LLC for $143 million in cash, subject to certain adjustments. The transaction is expected to close within a few weeks and upon completion of the sale, the Company will record an after-tax gain on the sale in the first quarter of 2012. The Company intends to use the net proceeds for general corporate purposes. The Company estimates the net after-tax proceeds from the sale will be approximately $150 million.
"These news organizations have served as trusted institutions in their communities, delivering news and information that matter most to their readers," said Arthur Sulzberger Jr., chairman of The New York Times Company. "The sale of our Regional Media Group will enable The New York Times Company to continue our transformation to a digitally-focused, multiplatform media company." 

No comments:

Post a Comment