The deal between The New York Times Company and Halifax Media Group that was leaked last week is now complete. The Times Company will sell its Regional Media Group, which consists of 16 regional papers, to Halifax for $143 million in cash. Why cash? We’re not sure. Maybe Arthur Sulzberger Jr. is planning a Vegas bash to escape the flak he’s catching and needs some cash for the casinos and… other entertainment venues that require cash.
A memo from the Regional Media Group announcing the deal was obtained by Jim Romenesko. It stated that staffers will find out their fate within 48 hours, and that “Halifax has decided who it will hire.”
Sulzberger, in a statement about the deal, attempted to praise the 16 papers no longer under the Times Company’s umbrella. He called them, “trusted institutions in their communities.” Just not trusted enough to keep around.