Wednesday, December 28, 2011

New York Times to Sell Press Democrat, 15 Other Papers

Posted By on Wed, Dec 28, 2011 at 8:38 AM

click to enlarge The good days are gone
  • The good days are gone
Another Bay Area newspaper shake up is imminent. The New York Times Company announced this week that it's selling The Press Democrat, the Bay Area's fifth largest newspaper.

Romenesko shared the news yesterday, explaining that the Santa Rosa newspaper as well as 15 other regional papers, including the Petaluma Argus Courier and the North Bay Business Journal would be sold to Halifax for $143 million. Halifax currently owns the Daytona Beach News-Journal. The deal is set to close in the next few weeks.

According to the memo sent to employees:
While it was not planned, we were approached by Halifax Media Holdings LLC. We are pleased that the newspapers will be sold as a unit and that Halifax Media Holdings anticipates offering employment to the vast majority of employees. The sale of our Regional Media Group will enable The New York Times Company to continue our transformation to a multi-platform media company and further sharpen our focus on the development of our brands nationally, globally and in the northeastern U.S

Employees will be notified within the next 48 hours who will be keeping their jobs and who won't.

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