Dow Jones Sells Papers

After-tax proceeds will be about $268 million.
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Dow Jones (DJ) agreed to sell six of its smaller newspapers to Community Newspaper Holdings for $282.5 million in cash.

The publisher of

The Wall Street Journal

expects after-tax proceeds of about $268 million, which will be used to fund the recently announced Factiva acquisition and to pay down debt.

The six papers being sold are the

News-Times

of Danbury, Conn.;

The Daily Star

of Oneonta, N.Y.; the

Press-Republican

of Plattsburgh, N.Y.; the

Santa Cruz Sentinel

;

The Daily Item

of Sunbury, Pa.; and the

Traverse City Record-Eagle

.

After the transaction, Dow Jones' Local Media Group will continue to publish eight daily and 15 weekly newspapers.