Murdoch's News Corp. sells off community newspaper division
June 25, 2014, 12:01 am TWN
NEW YORK -- Rupert Murdoch's News Corp. said Monday it was selling a group of 11 community newspapers as part of a move to globalize and digitize its publishing operations.
News Corp., which was formed when Murdoch broke up his corporate empire into two separate units, did not disclose the terms of the sale of Community Newspaper Group (CNG) to Les and Jennifer Goodstein, owners of a group of New York city neighborhood publications.
The sale "helps us reshape the News Corp portfolio as we achieve greater globalization and digitization of our businesses with an eye towards long-term growth," said Robert Thomson, chief executive of News Corp.
CNG is a network of 11 community newspapers and web sites, including Caribbean Life, The Brooklyn Paper, The BronxTimes Reporter, Bay News and Bay Ridge Courier, Bayside Times and TimesLedger.