The Dallas-based parent company of the Providence Journal, A.H. Belo, has hired a consultant to explore the sale of the paper, the company said in a statement.
Jim Moroney, chairman, president and CEO of Belo, said in a statement, "The Providence Journal is an important financial contributor to our Company, and the newspaper's commitment to the citizens of Providence and Rhode Island is unmatched. However, with A. H. Belo's focus on investing and growing in Dallas, it makes sense to explore this opportunity."
The Journal is the only newspaper owned by Belo outside of Texas, after the sale of the Press-Enterprise of Riverside, California last month.
The company said the eventual sale of the Journal is not guaranteed, and is dependent on finding an appropriate buyer.
The statement said the company would use the money from a sale to "invest in or buy advertising and marketing services companies to grow and diversify revenues."
Belo also owns the Dallas Morning News and the Denton Record-Chronicle, both in Texas.
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