An Associated Press report said that News Corp. sold 33 smaller publications of its newspaper portfolio to Fortress Investment Group LLC for an undisclosed amount. The deal was announced Tuesday.
The exit move of News Corp., who also owns the Wall Street Journal and the New York Post, would be affecting the said publications' operations. News Corp. run the affected publications as part of its Dow Jones Local Media Group.
The publications that News Corp would be turning over to Fortress include eight dailies. They are Middletown, NY-based Times Herald-Record, Ashland, Oregon's The Daily Tidings, Cape Cod Times based in Hyannis, Massachussetts, The Mail Tribune in Medford, Oregon, Stockton, California-based The Record, The Herald in Portsmouth, New Hampshire, The Standard-Times in New Bedford, Massachussetts, and The Pocono Record in Stroudsburg, Pennsylvania.
News Corp was incorporated in 1979 and grew to be a multinational corporation in mass media. Headquartered in New York, the company weas restructured to be split its media outlet and publishing divisions into two, separate entities to rebrand itself after scandals endangered the company's shareholder value.
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