News Corp. has reached an agreement to sell its Community Newspaper Group (CNG) to Les and Jennifer Goodstein, the owners of NYC Community Media.
Les Goodstein is a former News Corp. executive who ran CNG between 2006 and 2013.
Financial terms of the deal were not disclosed, but a News Corp. spokeswoman said it is expected to close next week.
CNG is headquartered in Brooklyn. Its network of 11 community newspapers and web sites includes Caribbean Life, The Brooklyn Paper, The Bronx Times Reporter and TimesLedger. It also publishes several specialty magazines.
It gives the Goodsteins more outer boroughs titles to complement Manhattan-focused publications they own such as The Villager, East Villager News and Chelsea Now.
“Both my wife and I are members of the community and are pleased to continue serving the readers of Manhattan, Brooklyn, Queens and the Bronx,” said Les Goodstein in a statement. “We plan to expand local coverage with local news important to the neighborhoods we serve.”
News Corp.’s stock was down 1.52% to $16.85 in mid-morning trading.