The New York Times Company (NYSE: NYT) reached an agreement to sell its Regional Media Group, which consists of 16 newspapers and some other print publications and related businesses, to Halifax Media Holdings for $143 million in cash.
The NYT Co. confirmed last week that it was in talks to sell the regional papers to Halifax.
In its 8K filing, the NYT said, “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 sale proceeds for general corporate purposes. The Company estimates the net after-tax proceeds from the sale will be approximately $150 million.”