The New York Times Company to Sell TimesDaily to Shelton Family, Publishers of Decatur DailyBack to News
NEW YORK, March 24, 2009 – The New York Times Company has entered into an agreement to sell the TimesDaily and TimesDaily.com, located in Florence, Ala., to the Tennessee Valley Printing Company, Inc., which publishes The Decatur Daily in nearby Decatur, Ala., and is owned by the Shelton family.
The TimesDaily, which is part of the New York Times Company’s Regional Media Group, has daily circulation of 27,785 and Sunday circulation of 29,171.
Dirks, Van Essen & Murray, a newspaper merger-and-acquisition firm in Santa Fe, New Mexico, represented the Shelton family in the transaction.
“The TimesDaily is an outstanding newspaper with very talented employees,” said Janet L. Robinson, president and CEO of The New York Times Company. “The Shelton family knows Florence well and values the role the TimesDaily plays in the community.”
The Decatur Daily’s general manager, Clint Shelton, said, “We are confident this transaction will strengthen both newspapers through the synergies that we will achieve. The long traditions of both newspapers of providing leadership in The Tennessee Valley will continue.”
The terms of the agreement were not disclosed.
The Decatur Daily is independently owned and under its fourth generation of leadership from the Shelton family. Along with The Daily, Tennessee Valley Printing owns and operates the Moulton Advertiser, a weekly in nearby Lawrence County, Ala.
The New York Times Company, a leading media company with 2008 revenues of $2.9 billion, includes The New York Times, the International Herald Tribune, The Boston Globe, 16 other daily newspapers, WQXR-FM and more than 50 Web sites, including NYTimes.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.
If you have further questions contact Dirks, Van Essen & Murray at 505-820-2700.