N.Y. Times To Sell Seven Newspapers
NEW YORK (AP) _ The New York Times Co. announced Friday that it plans to sell seven of its smaller newspapers and the nine telephone directories that are part of its Regional Newspaper Group.
The newspapers and directories being sold accounted for approximately $52.7 million, or 2 percent, of the company’s 1999 revenues.
``The decision to sell these smaller newspapers and directories is a result of a review of the business portfolio of our Regional Newspaper Group,″ said Russell T. Lewis, president and chief executive officer of the Times Company. ``We believe our shareholders will be better served by focusing our regional newspaper efforts on larger newspapers.″
The daily newspapers being sold include the Santa Barbara News-Press in Santa Barbara, Calif.; Daily World in Opelousas, La.; Daily News in Palatka, Fla.; and Lake City Reporter in Lake City, Fla.
The non-daily newspapers, all in Florida, are The News-Sun in Sebring/Avon Park; The News-Leader in Fernandina Beach; and Marco Island Eagle in Marco Island.
The company, which had 1999 revenues of $3.1 billion, publishes The New York Times, The Boston Globe and 22 other newspapers and three magazines, including Golf Digest. It also has television, radio and electronic information interests.