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Dow Jones to sell six newspapers for $282.5 million

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New York—Dow Jones & Co., publisher of The Wall Street Journal and Barron’s, announced a definitive agreement to sell six of its community newspapers to Community Newspaper Holdings for $282.5 million in cash, subject to a working capital adjustment. Dow Jones said it expects the after-tax proceeds to be roughly $268 million, which will be used to fund its recently purchased 50% share of Factiva from Reuters and to pay down debt. The newspapers are: News-Times of Danbury, Conn.; The Daily Star of Oneonta, N.Y.; Press-Republican of Plattsburgh, N.Y.; Santa Cruz (Calif.) Sentinel; The Daily Item of Sunbury, Pa.; and the Traverse City (Mich.) Record-Eagle.
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