WSJ: News Corp. eyeing sale options for local papers

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Posted: Wednesday, April 3, 2013 10:14 am | Updated: 11:02 am, Mon Apr 8, 2013.

The Wall Street Journal reported that parent company News Corp. is exploring the sale of Dow Jones Local Media Group papers.

The group of papers, acquired by News Corp. from Ottaway Newspapers as part of its 2007 purchase of Dow Jones & Co., includes eight daily titles in California, Maine, Massachusetts, New Hampshire, New York, Oregon and Pennsylvania, and their affiliated websites. Among the titles that would be included: the Cape Cod Times in Hyannis, Mass., the Pocono (N.Y.) Record and Ashland (Ore.) Daily Tidings.

WSJ cites sources familiar with the matter and said News Corp. has retained Waller Capital, a New York investment bank, to shop the papers.

Potential buyers could include Warren Buffett’s Berskshire Hathaway, WSJ said.

News Corp. made the decision to spin off its publishing division last year in response to mounting pressure from shareholders following a net loss of $1.89 billion in the fiscal year ending June 30, 2012. As a result, News Corp. last year said it would focus on its more lucrative television and film businesses.

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