NYTCO in talks to sell regional papers
Just days after the surprise announcement that CEO Janet Robinson is stepping down at the end of this year, the New York Times Co. revealed that it is in advanced negotiations to sell its Regional Media Group, consisting of 16 local newspapers in Flordia, California, Alabama, Louisiana, North Carolina, and South Carolina, to Halifax Media Holdings. The newspapers to be sold include the Sarasota Herald-Tribune in Sarasota, Florida and The Tuscaloosa News in Tuscaloosa, Alabama. In the first nine months of 2011, the NYTCO Regional Media Group had total revenues of $190.5 million, down 6.7% from the same period in 2010. NYTCO has also put its New England Media Group, including the Boston Globe, up for sale, attracting the interest of some bidders, but with no result so far.