"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," said New York Times Co. Chairman Arthur Sulzberger. Last year, the group accounted for 11 percent of The Times Co.’s $2.4 billion in annual revenue, according to the company’s annual report.
The Times Co., like many newspaper publishers, has struggled in recent years as advertisers shift from newspapers to cheaper alternatives on the Internet. It is trying to supplement its digital advertising push by charging readers for unrestricted access to its content on the Web, Apple Inc.’s iPad and mobile phones.
The company had said on Dec. 19 that it was in advanced talks to sell the regional newspapers to Halifax Media. That announcement came four days after the company said CEO Janet Robinson will step down at the end of the year.