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	<title>Observer &#187; The Times Selling Regional Media Group for $143 M.</title>
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		<title>Observer &#187; The Times Selling Regional Media Group for $143 M.</title>
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		<title>The Times Selling Regional Media Group for $143 M.</title>

		<comments>http://observer.com/2011/12/the-times-selling-regional-media-group-for-143-m/#comments</comments>
		<pubDate>Tue, 27 Dec 2011 18:49:41 -0400</pubDate>
					<link>http://observer.com/2011/12/the-times-selling-regional-media-group-for-143-m/</link>
			<dc:creator>Megan McCarthy</dc:creator>
				
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		<description><![CDATA[<p><em>The New York Times</em> has announced that it will <a href="http://phx.corporate-ir.net/phoenix.zhtml?c=105317&amp;p=irol-newsArticle&amp;ID=1642727&amp;highlight=">sell its Regional Media Group</a> to Florida-based Halifax Media Holdings, LLC for $143 million in cash. The Regional Media Group consists of 16 regional newspapers including titles like the<em> News Chief</em> of Winter Haven, Florida and Thibodaux, Louisiana's <em>Daily Comet</em>. The back-of-the-envelope math suggests that each paper is worth just shy of $9 million apiece, or about <a href="http://www.observer.com/2011/12/new-york-times-ceo-janet-robinson-stepping-down/">two years of consulting work</a> from outgoing <em>Times</em> CEO Janet Robinson. <!--more--></p>
<p>The <em>Times</em> has owned some of the Regional newspapers since 1971, when it bought the Lakeland, FL <em>Ledger</em>, Wilmington NC <em>Star-Banner</em>, and <em>Gainesville Sun</em>. Its most recent purchase was the <em>News Chief</em>, in 2008.  Halifax is also picking up some prestige with <em>The Sarasota Herald-Tribune</em>, which won the 2011 Pulitzer Prize for investigative reporting.</p>
<p>News of this move first leaked out last week, when Halifax <a href="http://jimromenesko.com/2011/12/19/nyt-sells-regional-papers-to-halifax-media/">accidentally published the news on its website</a>. Media critic Jim Romenesko, who caught the screengrab that spilled the beans, also snagged a <a href="http://jimromenesko.com/2011/12/27/faq-for-nyt-regional-media-group-employees/">memo sent to employees of the Regional Media Group</a> from the <em>Times</em> brass. Main takeaway from the memo? Regional employees should know within 48 hours whether or not Halifax will continue to offer them employment.</p>
]]></description>
		<content:encoded><![CDATA[<p><em>The New York Times</em> has announced that it will <a href="http://phx.corporate-ir.net/phoenix.zhtml?c=105317&amp;p=irol-newsArticle&amp;ID=1642727&amp;highlight=">sell its Regional Media Group</a> to Florida-based Halifax Media Holdings, LLC for $143 million in cash. The Regional Media Group consists of 16 regional newspapers including titles like the<em> News Chief</em> of Winter Haven, Florida and Thibodaux, Louisiana's <em>Daily Comet</em>. The back-of-the-envelope math suggests that each paper is worth just shy of $9 million apiece, or about <a href="http://www.observer.com/2011/12/new-york-times-ceo-janet-robinson-stepping-down/">two years of consulting work</a> from outgoing <em>Times</em> CEO Janet Robinson. <!--more--></p>
<p>The <em>Times</em> has owned some of the Regional newspapers since 1971, when it bought the Lakeland, FL <em>Ledger</em>, Wilmington NC <em>Star-Banner</em>, and <em>Gainesville Sun</em>. Its most recent purchase was the <em>News Chief</em>, in 2008.  Halifax is also picking up some prestige with <em>The Sarasota Herald-Tribune</em>, which won the 2011 Pulitzer Prize for investigative reporting.</p>
<p>News of this move first leaked out last week, when Halifax <a href="http://jimromenesko.com/2011/12/19/nyt-sells-regional-papers-to-halifax-media/">accidentally published the news on its website</a>. Media critic Jim Romenesko, who caught the screengrab that spilled the beans, also snagged a <a href="http://jimromenesko.com/2011/12/27/faq-for-nyt-regional-media-group-employees/">memo sent to employees of the Regional Media Group</a> from the <em>Times</em> brass. Main takeaway from the memo? Regional employees should know within 48 hours whether or not Halifax will continue to offer them employment.</p>
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