News Corp. Sells Dow Jones Local Media Group To Fortress Investment

(RTTNews) - News Corp (NWS, NWSA) said Tuesday it has sold the Dow Jones Local Media Group, which operates 33 publications including 8 daily and 15 weekly newspapers, to an affiliate of Fortress Investment Group LLC. The financial terms of the deal were not disclosed.

The Dow Jones Local Media Group daily newspaper franchises include the Times Herald-Record (Middletown, N.Y.); Cape Cod Times (Hyannis, Mass.); The Record (Stockton, Calif.); The Standard-Times (New Bedford, Mass.); The Pocono Record (Stroudsburg, Penn.); The Herald (Portsmouth, N.H.); The Mail Tribune (Medford, Ore.), and The Daily Tidings (Ashland, Ore.).

In addition to daily and weekly newspapers, the Dow Jones Local Media Group operates other print and online community media, including web sites, magazines as well as news and advertising niche publications.

The Dow Jones Local Media Group operations will be managed by GateHouse Media, one of the largest publishers of locally based print and online media in the United States with a portfolio of products that includes over 400 community publications and approximately 350 related websites.

Waller Capital Partners, a leading independent investment bank focused on the telecommunications, media and technology sectors, advised Dow Jones on the sale of the Local Media Group.