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Tribune Sells Two Connecticut Dailies to Hearst

The Hearst Corporation is buying two daily newspapers in Stamford and Greenwich, Conn., from the Tribune Company.

Hearst will pay $62.4 million for the two papers, according to the New York Times.

Hearst will also buy The Advocate and Greenwich Time, but they will both be managed by privately held publisher MediaNews Group under an existing joint venture agreement with Hearst, Tribune said.

Tribune had agreed to sell the papers to Gannett last spring, but the agreement was called off after an arbitrator ruled that the sale of one of the papers would violate a union contract, writes Reuters.