The belief was that the company would take that money and use it on the remaining businesses.
But the AP is now reporting that News Corp. will keep those papers due to lower valuations for newspapers.
An AP story stated, “Several newspapers in the Ottaway group, including the Medford Mail Tribune in Southern Oregon, posted stories on their Web sites Tuesday saying Rupert Murdoch’s News Corp. had informed the papers the sale was off.
“A News Corp. spokeswoman referred queries to a Dow Jones spokesman who declined to comment.”
Read more here.