The Providence Journal sells for $46 million

 By News Staff

news@abc6.com

The Providence Journal has been sold for $46 million in cash to a company out of New York.

New Media Investment Group and the Journal’s parent company, A.H. Belo Corporation made the announcement Tuesday afternoon in separate press releases.

The sale includes all of the print and digital elements of the paper.

The Journal went up for sale last December. A.H. Belo blamed sharply declining readership and ad revenue mainly because of internet competition.

The deal is expected to close in the third quarter of 2014, according to New Media.

The newspaper is one of the oldest publications in the country. It was first published in 1829.

(C) WLNE/TV 2014