The New York Times Co. is in advanced talks to sell all of its small, regional publications.
The company said Monday that Halifax Media Holdings LLC., owner of the Daytona Beach News-Journal in Florida, is preparing to purchase the Times' Regional Media Group division. The unit consists of 16 regional newspapers, including The Press Democrat in Santa Rosa, Calif., the News Chief in Winter Haven, Fla., and The Tuscaloosa News in Tuscaloosa, Ala.
Financial details of the transaction were not disclosed.
The New York Times, The Boston Globe, The International Herald Tribune, The Worcester Telegram & Gazette in Worcester, Mass., and the About Group are not part of the sale.
The announcement comes less than a week after the company's CEO Janet Robinson stepped down.
The Times Co., like many newspaper publishers, has struggled in recent years as advertisers shift from newspapers to cheaper alternatives on the Internet.
Contrast: David Cameron Suspends Vacation Over Foley Killing; Obama Heads Back To Vineyard | Christine Rousselle