From Capital New York:
Capital has learned that the global publishing conglomerate, which also owns The Wall Street Journal and the New York Post, has issued a prospectus to potential buyers of its Community Newspaper Group, a stable that includes titles like The Brooklyn Paper, the Brooklyn Courier, and the Times Ledger.
The decision to sell CNG indicates that News Corp. Chairman Rupert Murdoch and his lieutenants are continuing to shed assets while refocusing on core properties.
In 2006, the company bought two newspaper chains in Queens and Brooklyn, giving it a foothold in the outer boroughs, where the Daily News has historically trumped News Corp's Post in terms of penetration. In 2010, it added to that portfolio by purchasing The Brooklyn Paper, a well-respected broadsheet that's seen as the gem of the bunch. The entire stable was consolidated into the 11 community weeklies that now make up CNG, which has its headquarters in downtown Brooklyn's MetroTech Center.
As with all local papers, the CNG titles have seen a precipitous drop in classified advertising over the past 10 years, and circulation, which stands at a combined 250,000, according to the company, has declined as well, according to sources familiar with the business. Our sources could not confirm whether the operation is still profitable.