The New York Times Company is in "advanced talks" to sell off 16 regional newspapers. It is a further indication that the company is divesting itself of assets to concentrate on its core newspaper business.
It is negotiating a deal with Halifax Media Holdings, a Florida-based publisher to dispose of its regional media division.
It includes titles across the US, such as the Sarasota Herald-Tribune in Florida, the Press Democrat in Santa Rosa, California, the Star-News in Wilmington, North Carolina, and the Tuscaloosa News in Alabama.
Analysts believe the sale, at about $145m (£92.7m) should be completed later this week.
The company's regional publications have been hit by declining revenues. From 2008 to 2009, ad revenue fell 30.2% and declined a further 8.2% in 2010.
"This gets rid of another headache for the Times," said media analyst Edward J. Atorino.
It follows the sale in July of more than half the NY Times company's stake in the Fenway Sports Group, the owner of the Boston Red Sox.
The sale of such assets allows the company to focus on its anchor newspapers, the New York Times, the Boston Globe and International Herald Tribune.
However, some analysts believe that, should the right buyer emerge, the Boston Globe could be the next title to go.
Times executives revealed that they had been in talks for months with Halifax, which owns the Daytona Beach News-Journal and four other local news organisations.
The pending sale comes just days after Janet Robinson, the Times company's chief executive since 2004, announced her departure.
Sources: NY Times Media Decoder/Crain's/The Guardian
--
Source: http://www.guardian.co.uk/media/greenslade/2011/dec/20/new-york-times-us-press-publishing
~
Manage subscription | Powered by rssforward.com
Belum ada komentar untuk "New York Times to sell its regional newspapers for $145m"
Posting Komentar