(New York) Times Co. Negotiating to Sell Regional Newspapers (Dinosaur Media DeathWatch™)

The New York Times ^ | December 19, 2011 | Amy Chozick

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The New York Times Company said on Monday it was in advanced talks to sell 16 regional newspapers, another indication the company was divesting itself of assets to concentrate on its core newspaper business.

Halifax Media Holdings of Daytona Beach, Fla., is currently negotiating the purchase of the Times Company’s Regional Media Group, a division that includes newspapers across the country like The Sarasota Herald-Tribune in Florida; The Press Democrat in Santa Rosa, Calif.; The Star-News in Wilmington, N.C.; The Gainesville Sun, also in Florida; and The Tuscaloosa News in Alabama.

Combined, the papers have a Monday-through-Friday circulation of 433,251 and 1,755 full-time employees. Analysts estimated that the sale of the regional papers would be completed later this week and priced at around $145 million. Robert H. Christie, a spokesman for the Times Company, declined to comment.

As print advertising revenue continues to decline, the Times Company has sold assets to focus on its anchor newspapers, The New York Times, The Boston Globe and The International Herald Tribune. In July, the Times Company sold more than half of its stake in the Fenway Sports Group, the owner of the Boston Red Sox, for $117 million.

As optimism for the new digital subscription service at The New York Times newspaper has grown, the company’s regional publications have lagged, the steady decline driven by a drop-off in classified advertising and the migration of readers to the Web. In 2010, the Regional Media Group accounted for 11 percent of the company’s $2.4 billion in revenue.

snip

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Throwing the women and children overboard...

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ping

[Iron Munro]

The Incredible Shrinking Liberal Rag

[GeronL]

I saw a Yahoo story about “10 companies” that might not survive 2012 or something yesterday.... one of them was the Washington Post.... I guess Kaplan online college isn’t raking in the profits as they had hoped?

[abb]

http://www.niemanlab.org/2011/12/robert-hernandez-for-journalisms-future-the-killer-app-is-credibility/
Robert Hernandez: For journalism’s future, the killer app is credibility

http://www.niemanlab.org/2011/12/dan-gillmor-2012-will-be-the-year-of-the-content-controller-oligopoly/
Dan Gillmor: 2012 will be the year of the content-controller oligopoly

http://newspaperdeathwatch.com/can-1400-dailies-die-in-5-years-yes/
Can 1,400 Dailies Die in 5 Years? Yes

http://newsosaur.blogspot.com/2011/12/newspaper-job-cuts-surged-30-in-2011.html#comments
Newspaper job cuts surged 30% in 2011

http://gannettblog.blogspot.com/2011/12/cincy-is-it-journalism-or-press-release.html
Cincy | Is this journalism — or a press release?

http://www.poynter.org/latest-news/mediawire/156751/margins-since-1989-show-dwindling-profits-for-media-companies/
Margins since 1989 show dwindling operating profits for media companies

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http://www.poynter.org/latest-news/mediawire/156745/enquirer-to-eliminate-200-jobs-as-plant-closes-printing-outsourced-to-columbus/
Cincinnati Enquirer to eliminate 200 jobs as plant closes

http://www.medialifemagazine.com/artman2/publish/Newspapers_24/Newspaper-s-2012-outlook-Bleaker.asp
Newspapers’ 2012 outlook: Bleaker

http://www.medialifemagazine.com/artman2/publish/Media_economy_57/Big-hiccup-brings-the-ad-recovery-to-a-halt.asp
Big hiccup brings the ad recovery to a halt

http://www.observer.com/2011/12/new-york-times-buyouts-leaked-12192011/
Goodbye, Gray Lady: New York Times Legends Take Buyouts, Internal Tributes Follow in Suit

[almost done by half]

"Throwing the women and children overboard..."

Or is it time to bring the page 3 girls onboard.. ;-)

[DManA]

priced around $145 million

Be mildly interesting to know what the Times paid for them.

[abb]

That should show up as a writedown when the sale is booked. I know they’ve taken a butt-whipping on the Boston Glob. Paid like $1.1 billion for it in 1993, and its worth maybe a quarter of that now.

[Drill Thrawl]

"Throwing the women and children overboard..."

Or is it time to bring the page 3 girls onboard.. ;-)

Something tells me page 3 girls would float.

[hinckley buzzard]

Yes, very good sign of the times. Or sign of the Slimes as it may be. The fewer outlets these Slimers have, the better for the state of the Union.

[hinckley buzzard]

All garbage. Local and smaller municipal newspapers which publish local news and a headline service, are flourishing under the media radar.

Rupert Murdoch predicted this, btw, a number of years ago at a ASNE convention, when he said if he was going into the newspaper business then, he would concentrate on midsize community papers, not flagship Titanics.

I am glad to see the einsteins of NY and DC ignoring his advice. The Slimes is cutting loose the lifeboats in favor of saving the orchestra on the main deck.

[hinckley buzzard]

Be mildly interesting to know what the Times paid for them.

hehehe. Guaranteed, it was a whole lot more..

[Major Matt Mason]

Is this Halifax Media Group left-leaning or more conservative? I doubt that the NYT would sell to an identifiably conservative group, but if they are desperate for cash, I suppose it could happen.

[ex91B10]

"...the company was divesting itself of assets to concentrate on its core newspaper business."

Let's hope so.

[MovementConservative]

The NYT will buy out Vecsey and other useful writers but continue to employ Paul Krugman. Too bad they aren’t flushing some of the true bilge out of that paper.