The company is offloading the Community Newspaper Group which consists of 11 community newspapers and websites including the Brooklyn Paper. News Corp. has faced some financial struggles recently due to a decline in newspaper advertising that has affected the entire industry.
“This sale…helps us reshape the News Corp. portfolio as we achieve greater globalization and digitization of our businesses,” News Corp CEO Robert Thomson said in a statement.
The agreement is expected to close next week. The financial terms of the deal have not been disclosed.
NWS stock is down about 1.6% Monday afternoon.
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