NEW YORK - The New York Times Co. said Tuesday it has agreed to sell 16 regional US newspapers to a Florida-based company for $143 million (S$185 million) in cash.
The papers being sold to Halifax Media Holdings include five Florida-based papers, three California-based papers, three North Carolina-based papers, two Alabama-based papers, two Louisiana-based papers and one in South Carolina.
"These news organizations have served as trusted institutions in their communities, delivering news and information that matter most to their readers," Times Co. chairman Arthur Sulzberger said in a statement.
"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," Sulzberger said.
Michael Redding, chief executive of Daytona Beach-based Halifax Media said the acquisition "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," Redding said.
"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," he added.
US newspapers have been struggling with declining print advertising revenue, falling circulation and the migration of readers to free news online.
The New York Times began charging in March for full access to NYTimes.com and it launched a subscription-only website for another Times Co. paper, The Boston Globe, in October.