The company has retained Evercore Partners to advise on and manage the sale, but won't say who it's already talked to, or how much it thinks the assets are worth.
Citi analyst Leo Kulp, who calls this a "positive move," estimates that the segment could fetch about $200 million. The segment generated $395 million in 2012 revenue, which Kulp says implies about $67 million in EBITDA in 2012. He applies a three times multiple — "on the high end of comparable large metro newspaper sales" — to give the paper a $200 million price tag.
JP Morgan's Alexia Quadrani has a lower valuation, expecting the New England Media Group to sell for closer to $100 million. But she also applauds the idea, saying it makes sense for the publisher both strategically and financially.
Ed Atorino, an analyst with Benchmark, says that getting rid of non-core assets could be a step towards the Sulzberger family eventually taking the New York Times private.
(Read More: Time Warner Explores Magazine Sale)