New York Times Co. said Monday that it is negotiating to sell its regional-newspaper unit to Halifax Media Holdings LLC.

Based in Daytona Beach, Florida, Halifax owns the Daytona Beach News-Journal.

Besides 16 newspapers in states including Alabama, California, the Carolinas, Florida and Louisiana, Times Co.'s Regional Media Group comprises other print publications and related businesses.

News of the negotiations comes a week after Janet Robinson announced she was retiring as CEO of Times Co. after seven years in the post.

Times Co. lost $98.61 million in the first nine months of the year, compared with a profit of $40.46 million in the same period of 2010, the firm said in October.

Shares of Times Co. on the New York Stock Market fell 2.3 percent Monday to $7.19 and are down nearly 27 percent year-to-date.