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New York Times to sell Regional Media Group

Staff Report

The New York Times Co. has entered into an agreement to sell its Regional Media Group consisting of 16 regional newspapers, including The Gadsden Times, plus other print publications and related businesses to Halifax Media Holdings LLC for $143 million in cash, subject to certain adjustments.

The transaction was announced Monday and is expected to close within a few weeks. Upon its completion, 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 and estimates the net after-tax proceeds from the sale will be about $150 million.

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