Business publisher Dow Jones & Company has completed the previously announced sale of six of its community newspapers to Community Newspaper Holdings Inc.
Dow Jones received $281.5 million of the purchase price in cash, including an estimated working capital adjustment. The New York company will also receive an additional $6.4 million upon transfer of real property in later periods.
The money will be used to fund the previously announced Factiva acquisition with Reuters Group and to pay down debt.
The six papers sold are The News-Times of Danbury, CT; The Daily Star of Oneonta, NY; the Press Republican of Plattsburgh, NY; the Santa Cruz Sentinel, CA; The Daily Item of Sunbury, PA; and the Traverse City Record-Eagle, MI.
Community Newspaper Holdings, Birmingham, AL, is the parent company for daily, weekly and semiweekly newspapers published in more than 200 communities throughout the United States.
Dow Jones publishes The Wall Street Journal and its international and online editions, Barron’s, Far Eastern Economic Review, Dow Jones Newswire and Indexes, MarketWatch and the Ottaway group of community newspapers.
Also, Dow Jones is co-owner of SmartMoney with Hearst Corp. It provides news content to business broadcaster CNBC and radio stations in the United States as well.
