In order to focus more on its core businesses,
) disclosed the sale of the Dow Jones Local Media Group to an
affiliate of Fortress Investment Group LLC for an undisclosed
The Dow Jones Local Media Group operates 33 publications,
which include 8 daily and 15 weekly newspapers. The sale of the
Dow Jones Local Media Group entitles Fortress Investment to the
ownership of other newspaper franchises that include the
Cape Cod Times
The Pocono Record
The Daily Tidings
The Mail Tribune
This deal comes in the midst of a rapidly changing media
landscape where publishing companies have been offloading assets
that bear no direct relation with the core operations.
In fact, the publishing industry as a whole has been
struggling in terms of revenues and readership due to the
increasing availability of online news. This has rendered the
print-advertising model increasingly irrelevant.
) founder and CEO, Jeff Bezos purchased one of the legendary
publications in American journalism,
The Washington Post
for $250 million in cash, while
The New York Times Company
) sold the
to Red Sox owner John Henry and
) divested the
brand to IBT Media, the publisher of the
International Business Times
News Corporation on the other hand divided its operations into
2 separate publicly traded publishing and entertainment entities.
The publishing company comprises publishing businesses, education
unit and the integrated marketing services business, while, the
entertainment company includes cable and television assets,
filmed entertainment, and direct satellite broadcasting
Currently, News Corporation holds a Zacks Rank #4 (Sell).
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