New York Times announces sale of 16 regional papers for $143 million
The New York Times | News Release
Halifax Media is buying 16 newspapers from The New York Times in a deal that is expected to close within the next few weeks. The Times acknowledged the likely sale last week after Halifax prematurely published the newspapers' names on its website, in a list of properties it owned. The regional papers are no longer as profitable for the Times as they once were, and the company is eager to invest in its digital future and other ventures. Halifax also owns the Daytona Beach News-Journal, which has cut staff and promoted a pro-business agenda since Halifax CEO Michael Redding took over, reports Rick Edmonds. In a news release about the sale, Redding said:
"The purchase of the Regional Media Group reflects Halifax Media’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."
Related: "Halifax has decided who it will hire": FAQ about the sale for employees (Romenesko) | Guild president: "We’d hope they would use some of the proceeds to settle our contract" (NY Post) | 300+ Times Guild members sign grievance letter to Sulzberger; Staffers considered 'more dramatic' action (HuffPost) | Times wants to restart union negotiations (Bloomberg) | What it costs The New York Times to offer buyouts (Atlantic Wire)