Times to Throw Out the Small Newspapers

Image via WikipediaAn albatross of sagging circulation and diminished advertising lineage, the Regional Media Group division of  The Times Co. is being jettisoned by the Mother Ship, The New York Times reports.

Sale of the regional dailies to Daytona Beach, Fla.-based Halifax Media Holdings is expected to be finalized this week. Although the Times Co. is mum on the asking price, the Times article quotes industry analysts as expecting the deal to be in the neighborhood of $145 million.

Included in the Regional Media bundle are dailies such as The Sarasota Herald-Tribune, The Tuscaloosa (Ala.) News and The Press-Democrat in Santa Clara, Calif. The Regional Media Group reportedly generated about 11 percent of the Times Co.'s $2.4 billion revenue in 2010.

Halifax would be adding the dailies to its stable of newspapers that include the Daytona Beach (Fla.) News Journal.