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."
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