(Reuters) ? The New York Times Co said it will sell 16 regional newspapers spread across the U.S. Southeast and California to Halifax Media Holdings for $143 million in cash to cut costs and focus on its most important newspapers and their websites.
The Regional Media Group to be hived off has a weekday circulation of about 430,000, with newspapers like Sarasota Herald-Tribune, The Ledger, in Florida; Herald-Journal in South Carolina; and The Press Democrat in California in its stable.
Last week, the Times Co said it will sell its regional newspapers days after Chief Executive Janet Robinson announced her sudden retirement.
The regional papers have struggled recently because of weak local retail and national advertising, partly reflecting the broad struggles of the economy.
The group's revenue -- more than a tenth of Times Co's overall sales -- fell about 7 percent to $190 million in the first nine months of this year.
The company said it will record an after-tax gain of $150 million on the sale, which is expected to close in a few weeks, in the first quarter of 2012.
Halifax Media owns The Daytona-Beach News Journal, among other papers and media businesses across the south.
Times Co shares were up 2 percent in after-market trade. They had closed at $7.76 on Tuesday on the New York Stock Exchange.
(Reporting by Soham Chatterjee in Bangalore; Editing by Joyjeet Das)
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