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Author
Associated Press
Date
June 23, 2014

News Corp selling Community Newspaper business

NEW YORK (AP) — News Corp. said Monday it will sell its Community Newspaper Group, which is based in New York City and publishes 11 community newspapers and websites, as well as several magazines.

Former News Corp. executive Les Goodstein and his wife Jennifer are buying the business. Les Goodstein ran Community Newspaper Group from 2006 to 2013.

The two sides did not disclose terms.

The Goodsteins also own NYC CommunityMedia, which publishes several newspapers, including The Villager, Downtown Express, and Gay City News

CNG, headquartered in Brooklyn, distributes 235,000 newspapers each week. Its publications include Caribbean Life, The Brooklyn Paper, The Bronx Times Reporter, Bay News and Bay Ridge Courier, and Bayside Times and TimesLedger. It also puts out magazines including Family, Wedding Guide, and Sweet Sixteen.

A year ago News Corp. split into two publicly traded companies: 21st Century Fox is a film- and TV-focused entertainment company, and News Corp. is largely a publishing company that includes the Wall Street Journal and the New York Post in its portfolio.

News Corp. shares fell 26 cents to $16.85 in midday trading.

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