The New York Times Company (NYSE: NYT) has entered into an agreement to sell its Regional Media Group, consisting of 16 regional newspapers, other print publications and related businesses, to Halifax Media Holdings LLC for $143 million in cash, subject to certain adjustments. The transaction is expected to close within a few weeks and upon completion of the sale, the Company will record an after-tax gain on the sale in the first quarter of 2012. The Company intends to use the net proceeds for general corporate purposes. The Company estimates the net after-tax proceeds from the sale will be approximately $150 million.

“These news organizations have served as trusted institutions in their communities, delivering news and information that matter most to their readers,” said Arthur Sulzberger Jr., chairman of The New York Times Company. “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.”

The Regional Media Group comprises the following publications:

Sarasota Herald-Tribune in Sarasota, Fla.;
The Press Democrat in Santa Rosa, Calif.;
The Ledger in Lakeland, Fla.;
Star-News in Wilmington, N.C.;
Herald-Journal in Spartanburg, S.C.;
Star-Banner in Ocala, Fla.;
The Gainesville Sun in Gainesville, Fla.;
The Tuscaloosa News in Tuscaloosa, Ala.;
The Gadsden Times in Gadsden, Ala.;
The Courier in Houma, La.;
Times-News in Hendersonville, N.C.;
Daily Comet in Thibodaux, La.;
The Dispatch in Lexington, N.C.;
Petaluma Argus-Courier in Petaluma, Calif.;
News Chief in Winter Haven, Fla.; and
North Bay Business Journal in Santa Rosa, Calif.

The New York Times Company, a leading media company with 2010 revenues of $2.4 billion, includes The New York Times, the International Herald Tribune, The Boston Globe, 15 other daily newspapers and more than 50 Web sites, including NYTimes.com, BostonGlobe.com, Boston.com and About.com. The Company’s core purpose is to enhance society by creating, collecting and distributing high-quality news, information and entertainment.

More about NYT at www.nytco.com.

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