New York Times Co. Agrees to Sell Regional Media Group to Halifax Media HoldingsBack to News

NEW YORK, NY – December 27, 2011 – The New York Times Company 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. The Company intends to use the net proceeds for general corporate purposes.

Dirks, Van Essen & Murray, a newspaper merger and acquisition firm in Santa Fe, New Mexico, represented Halifax Media Holdings in the transaction.

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. 

"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."

Under the Times Company’s stewardship, the newspapers within the Group have received three Pulitzer Prizes, including the 1971 Prize for editorials in The Gainesville Sun on the peaceful desegregation of Florida’s schools, the 1997 Prize for spot news photography for The Press Democrat for a photograph of a firefighter rescuing a teenager from raging floodwaters and the 2011 Prize for investigative reporting for the Sarasota Herald-Tribune’s year-long series on the challenges that Florida’s property insurance industry have posed for ordinary citizens.

"The purchase of the Regional Media Group reflects Halifax Media’s belief that a good newspaper is an essential part of any vibrant community. The strong local news coverage these papers provide represents not only an important community service, but, in our eyes, a good investment," said Michael Redding, chief executive officer of Halifax Media. "We have been impressed with the newspapers’ reputations as well as the markets they serve. When you have the opportunity to purchase solid news products located in great markets, it is very compelling, and we are excited to have the Group join Halifax Media."

About The New York Times Company

The New York Times Company (NYSE: NYT), 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.

About Halifax Media Holdings LLC

Founded in 2010, Halifax Media is headquartered in Daytona Beach, Florida. The company’s investment group includes Stephens Capital Partners LLC, Jaarsss Media, and Redding Investments. Halifax’s strategy is to invest long-term capital in quality companies positioned in strong markets that are closely connected to the community.

For additional information contact Owen Van Essen or Phil Murray at 505-820-2700 or owen@dirksvanessen.com or phil@dirksvanapril.pairserver.com.

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