Moody Publishing, one of the largest publishing groups in the United States, is about to sell its books.
It announced Wednesday that it had completed its $250 million acquisition of The New York Times Co. The acquisition includes its publishing and technology businesses, as well as the newspaper’s online business, The Times Digital Media Group.
Moody said it plans to use the proceeds to support a variety of its editorial programs.
The news comes as the news media industry continues to struggle with a $13 billion debt burden.
Moody’s chief executive, Mark Pincus, said in a statement that the company’s books were among its most profitable.
“Moody has built a solid reputation in the book publishing industry, and we are delighted to see it continue to benefit from the company-owned New York business,” he said.
The company also has been selling its own titles, including the popular The Mists of Avalon, by author Cormac McCarthy.
Pincuses last year told investors that he planned to sell half of the company.
He declined to discuss the deal when asked about it Wednesday.
P. J. O’Rourke/Associated Press MBS Group Inc., the parent company of MBS Publishing Group, said it had reached an agreement with Moody Publishing to sell 1.5 percent of the publishing group to MBS for $50 million, the latest in a string of acquisitions by the two companies.
The transaction was expected to close in the third quarter, MBS said.
MBS owns the MBS Times and the MBC Group magazines.
MBC was founded in the 1980s by Arthur Miller, who died in 1995.
M.G. Smith, a former CEO of MBC, also is the chairman of Moody Publishing.
In a statement, Moody said MBS would “continue to invest in its core publishing business, which includes The New Yorker, The New Republic, and The Washington Post.”
MBS also has an ownership stake in Penguin Random House, the publishing house founded by Michael Wolff.
MOB, the online publishing giant, said on Wednesday that its $5.6 billion acquisition of the New York-based Penguin Group was completed on Wednesday.
MMB Capital, the investment arm of the MMB Group, also said it was in discussions with MBS on the deal.