N.Y. Times selling U.S. regional newspapers

The New York Times Co. is selling its 16 regional newspapers to Halifax Media Holdings LLC that paid $143 million in cash for the newspapers, which are spread across the Southeastern U.S. and California. The Times Co. said it was looking to cut costs and focus on its most important papers and their websites. Regional newspapers have struggled in recent years because of weak local retail and national advertising, partly reflecting the economy's broader travails. The newspapers being sold have a combined weekday circulation of about 430,000.