News Corp. Sheds Newspapers

(Photo credit: Wikipedia)

The Dow Jones Local Media Group ("DJLMG"), owned by Rupert Murdoch's News Corp, has unloaded several local newspapers to private equity manager Fortress Investment Group, LLC, GateHouse Media, Inc.'s majority owner, Bloomberg News reported today.

GateHouse Media will manage the acquired publications, which include the Cape Cod Times and The (New Bedford) Standard Times from TUOL's home turf, as well as the Portsmouth (N.H.) Herald and Ashland (Ore.) Daily Tidings. In all, DJLMG boasts 33 publications, including eight dailies. According to Bloomberg, Barrons, SmartMoney.com, AllThingsD., MarketWatch and The Wall St. Journal are the remaining properties of DJLMG following the transaction, financial terms of which were not revealed.