It’s Official: Herald-Tribune Parent Company Sold

The  will now have Daytona Beach-based owners after the New York Times Company announced Tuesday it will sell its Regional Media Group to Halifax Media Holdings. 

The announcement comes less than a week after media blogger Jim Romenesko pointed out Halifax had prematurely listed the Regional Media Group’s newspapers as its own.

The Herald-Tribune is the flagship newspaper of the Times’ Regional Media Group and will join 15 other newspapers in the $143 million sale, according to a news release issued Tuesday evening by the New York Times Company.

Herald-Tribune and other Regional Media Group staff are expected to find out in the next two days whether or not they will be offered employment by Halifax:

“An internal Times Co. statement released after the sale announcement noted Halifax will notify employees within 48 hours of whether they will be offered future employment.

For the Herald-Tribune, the deal would cap nearly 30 years of ownership by the Times Co.

'Just as the New York Times Company has been an outstanding steward of the Herald-Tribune, we look forward to a bright future as part of Halifax,' said Herald-Tribune President and Publisher Diane H. McFarlin.

'I want to emphasize that our mission going forward will be to serve the community well. That's how it's been throughout our history, and that's how it will continue to be,' McFarlin added. 'I don't anticipate big changes in how we do our work.'" 

The transaction is expected to close within a few weeks and upon completion of the sale, New York Times Company will record an after-tax gain on the sale in the first quarter of 2012, the company announced. 

That means the net after-tax proceeds from the sale will be approximately $150 million, the company estimated.

“These news organizations have served as trusted institutions in their communities, delivering news and information that matter most to their readers,” said Arthur Sulzberger Jr., chairman of The New York Times Company in a news release. “The sale of our Regional Media Group will enable The New York Times Company to continue our transformation to a digitally-focused, multiplatform media company.”

Under the Times’ control, the newspapers within the Regional Media Group have received three Pulitzer Prizes, with The Herald-Tribune most recently earning the 2011 prize for investigative reporting for a yearlong series on challenges the Florida’s property insurance industry posed for residents.

Halifax owns The Daytona Beach News-Journal among other properties.

“The purchase of the Regional Media Group reflects Halifax Media’s belief that a good newspaper is an essential part of any vibrant community. The strong local news coverage these papers provide represents not only an important community service, but, in our eyes, a good investment,” said Michael Redding, chief executive officer of Halifax Media, in a news release.

“We have been impressed with the newspapers’ reputations as well as the markets they serve. When you have the opportunity to purchase solid news products located in great markets, it is very compelling, and we are excited to have the Group join Halifax Media,” Redding said.

Halifax’s investment group includes Stephens Capital Partners LLC, Jaarsss Media, and Redding Investments. 

“Halifax’s strategy is to invest long-term capital in quality companies positioned in strong markets that are closely connected to the community,” according to the news release.