NEW YORK — The publishing group behind the New York Times and the Pulitzer Prize-winning Wall Street Journal will sell the company to a new owner in a deal that could give the new owner a more robust financial stake in the publishing empire.
The deal could be finalized as early as Wednesday, said Brian O’Connor, the president of the New Yorker Publishing Group.
The sale of the company, which publishes The New Yorker, will be made through the publishing group’s holding company, The O’Neill Group, said O’Conner, whose firm is responsible for managing the publishing properties of the Wall Street journals.
The new ownership, which is led by New Yorker CEO Jonathan A. Oram, will include the publishing house’s editorial operations and some of its financial services, including debt and equity investments.
O’Connell declined to provide further details about the deal.
The publishing company has been struggling with falling sales, a slowing print run and the departure of managing editor Joe Kahn.
Orahan’s departure, which has been rumored for weeks, is the latest blow to Orahaan’s tenure.
The Times’ publisher, John Heilemann, said in February that he would step down in 2019 and focus on a new role with an online company, and Kahn said last month that he was stepping down.
The news of the sale of New Yorker is a surprise to many of Oraahans loyalists, who have long complained about the company’s failure to adapt to the digital age.
In a letter to shareholders in January, Oraahn wrote that his vision for the company was “not based on a single product, but rather on the future of journalism and how it shapes the future.”
In the letter, O’Halloran noted that the company has a digital-first, media-first approach to publishing, and that its strategy is focused on building the best content, creating the best stories, and bringing journalism to audiences everywhere.
Orahans decision to sell the publishing company also comes as Orahans digital strategy is under intense scrutiny from regulators.
Last week, the U.S. Securities and Exchange Commission said Oraan and a handful of other executives violated securities laws by failing to disclose a stake in a company that has more than $400 million in sales.
ORAHANS PROFITING DECLINE A major reason for the stock’s fall is that the publishing houses digital operation is struggling, with sales falling almost 20 percent last year and the company not even being able to attract enough money to cover the costs of hiring and maintaining journalists.
A company spokeswoman said the company will continue to invest in building and expanding its digital media platform, which includes a number of tools that allow journalists to publish articles and videos, such as a new tool called Video On Demand, which lets journalists upload videos to YouTube and others.
Orenstein said in a statement Wednesday that he had a “very good” relationship with Orahnans, and said he is confident in the company.
Oral Roberts, the publisher who has been Oraahan’s publisher since 2004, said he has always believed in Oraahaan’s vision for The New York Review, and had hoped that the move would help Oraehans reach his goal of bringing new and different voices into the print industry.
Roberts said the sale would help “the New Yorker publish more stories about the world.”
He also said he hoped to keep the company in New York, and would invest in new offices in the city.
Otrahan was in office for four years, and he has said that he plans to stay in New Jersey.