The New York Times Company is selling its Regional Media Group, which consists of 16 regional papers, to Halifax Media Group. The reason the company is selling them is quite obvious — they’re money pits.
“From 2008 to 2009 advertising revenue at the Regional Media Group fell 30.2 percent, to $193 million,” reported the Times. “Ad revenue fell another 8.2 percent in 2010 to $177 million, according to the company’s 2010 annual report.”
The following papers are involved in the deal: Sarasota Herald-Tribune, The Press Democrat, The Ledger, Star-News, Herald-Journal, Star-Banner, The Gainesville Sun, The Tuscaloosa News, The Gadsden Times, The Courier, Times-News, Daily Comet, The Dispatch, Petaluma Argus-Courier, News Chief and North Bay Business Journal.