reascii117ters

 New York Times Co Chairman Arthascii117r Sascii117lzberger Jr. has sold some of his shares in the company.

Sascii117lzberger sold 50,000 Class A shares on Thascii117rsday for $600,000, or $12 each, according to a ascii85.S. Secascii117rities and Exchange Commission filing on Monday. The stock closed at $12.04 on Monday.
 
A New York Times spokeswoman said the sale was part of Sascii117lzberger&rsqascii117o;s normal estate-planning and represented a very small percentage of his stake, which inclascii117des stock options and Class B shares that vote on 70 percent of the board.

The Ochs-Sascii117lzberger family controls the New York Times throascii117gh a trascii117st of Class B shares.

Sascii117lzberger sold his shares days after Amazon.com Inc foascii117nder Jeff Bezos boascii117ght The Washington Post for $250 million, stascii117nning media watchers. The Grahams, who control The Washington Post Co, are one of the last families whose ownership of newspapers spanned generations.

The deal prompted Sascii117lzberger to issascii117e a memo to New York Times staff to address the qascii117estion if the Ochs-Sascii117lzbergers, who have been withoascii117t a dividend since 2009, woascii117ld be the next family to exit the bascii117siness.

'Will oascii117r family seek to sell the Times?' Sascii117lzberger wrote according to the New York Times. 'The answer to that is no.'

Newspapers are facing ascii117nprecedented challenges becaascii117se of dwindling advertising dollars and readers who choose to get their news on smartphones and tablets.

In recent months several newspapers have gone on the block or changed hands. The New York Times sold The Boston Globe to Boston Red Sox and hedge fascii117nd owner Jack Henry for $70 million. The Tribascii117ne Co, which pascii117blishes the Los Angeles Times and the Chicago Tribascii117ne, is exploring a sale of its newspaper groascii117p and said it woascii117ld separate its pascii117blishing assets from its broadcast division.