‘Our company is now five times larger than it was yesterday’

New York Times Co. completed the sale of its Regional Media Group newspapers to Halifax Media today.

A tipster writes: “I did some rummaging around online and found NYT / Halifax’s SEC filing. Most interesting thing I found:”

c) The Purchaser further agrees that it will not engage in any action within 90 days following the Closing that will create any obligation or liability under WARN to any Business Employee or Transferred Employee, including terminating in excess of 49 Transferred Employees at any single or combined site of employment, less the number of Business Employees terminated by any Seller at any such single or combined site of employment, other than for cause, in the 90-day period prior to the Closing.

Here is the memo from Halifax Media’s CEO:

Halifax Employees,

This afternoon Halifax Media Group concluded the purchase of the New York Times Regional Media Group. More details will be available later, but I wanted to let you know our company is now five times larger than it was yesterday. This strategic acquisition not only increases the size of the company, but also increases the opportunities for networking and career advancement.

Thank you for all the hard work. Here’s to a great 2012!

Michael Redding
Chief Executive Officer

Halifax Media Group
901 Sixth St, Daytona Beach, FL 32117