New York Times selling regional papers for $143M

NEW YORK (AP) — The New York Times Co. said Tuesday that it will sell its group of 16 small, regional newspapers to Halifax Media Holdings LLC for $143 million.

"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," said New York Times Co. Chairman Arthur Sulzberger. Last year, the group accounted for 11 percent of The Times Co.'s $2.4 billion in annual revenue, according to the company's annual report.

The Times Co., like many newspaper publishers, has struggled in recent years as advertisers shift from newspapers to cheaper alternatives on the Internet. It is trying to …