The New York Times will sell its majority stake in the Washington Post and make a series of strategic acquisitions, according to a person familiar with the matter.
The person spoke on the condition of anonymity because the deal is not yet final.
The newspaper has not disclosed any details about the acquisitions.
The Times has been looking to sell its stake in The Washington Times since late last year, after a tumultuous year of news and opinion, including the resignation of its chief executive and the Trump administration’s decision to revoke an investment-grade rating.
Read MoreThe newspaper has been considering buying The Washington and other papers as part of a plan to diversify its holdings, said the person, who wasn’t authorized to discuss the talks publicly.
The New Yorker, which has its headquarters in New York, is the newspaper’s largest investor and has owned The Washington for more than half a century.
The acquisition would make it the biggest newspaper to acquire a newspaper in recent years, and it would also provide a major boost to The New Yorkers’ editorial operations, said a person who has spoken to several media executives who have been in touch with The Times about the sale.
A person familiar at The Newyork Times said it is still negotiating terms for the deal, but that it would not be announced until after The New New Yorker completes the deal.
The people spoke on condition of anonymous anonymity because of the sensitive nature of the talks.
The NYT had been seeking a buyer for the Washington paper since the start of the year, according with multiple people familiar with its thinking.
The company, which owns more than 20 million copies of The Washington, has been in talks with several buyers, but no final decision has been made.
The sale would be one of the largest media deals of 2017, and would give The New york Times more leverage in negotiations with other buyers, said Mark Potok, a University of Southern California journalism professor who studies media mergers.
Potok said that it could be possible that The New YORK Times would sell The Washington to a smaller company, or to an investor with a strong financial stake in its future, but said it was difficult to predict how close the deal would be.
Potoke, who has studied media merges for more that two decades, said that a deal would likely be complicated by the size of The New NY Times’ print publishing business, which is growing at a slower rate than its digital operations.
Potk said that the sale of The Post would likely not be completed by the end of the summer, and that it is possible that it might take another year or two to complete the deal because of other hurdles.
The newsroom of The NY Times headquarters, which opened in 1892, was closed for decades due to the fires of the 1893 World War II and the 1906 earthquake.
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The New York Post is owned by The Times Group, which includes The New Jersey-based Hearst Corporation.
The paper has a circulation of more than 1.5 million, but its online presence has lagged behind that of The Times.
The NYT, meanwhile, has a $10 billion cash hoard and has a large online presence, with its flagship news site, The NewYorkPost.com, serving as a portal for The New Yorks readership.
The Wall Street Journal, owned by CBS Corp., has a much smaller online presence.
The Times Group has been aggressively buying media assets, and recently spent more than $1 billion on its digital media unit, The Washington Examiner, according a person with knowledge of the transaction.