Cox Enterprises agreed to sell the Palm Beach Post but will retain the daily newspaper’s building at Dixie Highway and Belvedere Road in West Palm Beach.
The Palm Beach County Property Appraiser reports that the newspaper’s seven-acre property at 2175 South Dixie Highway has a market value of $15.4 million.
That equals about almost a third of the $49.25 million price that Cox will get for selling the Post and its sister newspaper, the Palm Beach Daily News, to New Media Investment Group Inc.
Atlanta-based Cox, which has owned the newspapers since 1969, expects to close the sale of the Post and Daily News in May.
Gatehouse Media, a unit of publicly traded New Media Investment Group, will become the new parent company of the Post and Daily News.