New York City’s biggest newspaper has been bought by one of the largest online publishers in the country.
The Times said Thursday that it would sell the New York Post to News Corp. for $2.9 billion in cash and stock, making it the largest deal in Times history.
The transaction, which will take effect in 2021, will be the largest paper merger in Times business history.
Read more News Corp chairman and CEO Rupert Murdoch called the deal a “historic moment for New York’s newspapers.”
“This transaction is a culmination of the Times’ long-term strategic investment in its print media business and a major change in direction for our newspaper company,” Murdoch said in a statement.
“The Times’ core business remains strong and its iconic journalism will continue to drive our readership and influence our readers and advertisers.”
News Corp has a strong digital presence in the United States, and it also owns The Wall Street Journal, The Washington Post and The Los Angeles Times.
The deal includes a combined company with about $200 billion in assets.
The merger will allow the Times to diversify its businesses, including publishing online and print content, and to improve its advertising and distribution capabilities.
The paper’s editorial content will be made available online and will remain available to the public, the paper said in the announcement.
News of the sale came after the New Jersey Supreme Court on Thursday tossed out a previous attempt by News Corp to buy the paper.
That case was about whether a New York company, the News Corp Publishing Group, should have a more limited right to buy a company with a smaller market share than the New England paper.
The New York News Corp, which operates the Times and several other major newspapers in the U.S., is seeking to merge with a subsidiary of News Corp that operates the Boston Globe and other local papers.
The company wants to merge the New America Media Group, which owns the New American, the Wall Street Review and other smaller newspapers.
New York Times shareholders approved the deal earlier this month, and the deal was approved by the New Business Board, a non-binding advisory group that oversees Times mergers and acquisitions.
The New York Business Board will oversee the Times’s editorial and business operations.
This is a breaking news story.
Please check back for updates.