Portsmouth ‘Herald’ Sold
New York — News Corp., the owner of The Wall Street Journal, is trimming its newspaper portfolio by selling 33 smaller publications, including eight dailies.
The deal announced Tuesday affects newspapers that News Corp. ran as part of its Dow Jones Local Media Group. They are being sold for an undisclosed amount to Fortress Investment Group LLC, which specializes in buying troubled businesses.
The daily newspapers being turned over to Fortress are the Times Herald-Record in Middletown, N.Y., the Cape Cod Times in Hyannis, Mass., The Record in Stockton, Calif., The Standard-Times in New Bedford, Mass., The Pocono Record in Stroudsburg, Pa., The Herald in Portsmouth, N.H., The Mail Tribune in Medford, Ore. and The Daily Tidings in Ashland, Ore.
News Corp., controlled by Rupert Murdoch, is narrowing its focus to larger publications such as the Journal, the New York Post and the U.K.’s Times. The company split off this year from the billionaire’s entertainment properties.
The community-paper division was formed after Ottaway Newspapers merged with Dow Jones in 1970. News Corp. bought Dow Jones in 2007.
— This story includes information from Bloomberg News.