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<p>WILKES-BARRE &#8212; The Times Leader Media Group has sold its property on East Market Street, but will continue to operate its business at that location, it was announced Thursday.</p><p>As part of a broader real estate transaction involving the news group&#8217;s parent company, Civitas Media, the sale/leaseback agreement allows the Times Leader to rent back the property for an agreed upon period of years, said CEO Ralph Martin.</p><p>The sale is independent of any transaction regarding the newspaper&#8217;s Main Street office.</p><p>&#8220;This is a good move for us financially,&#8221; said Martin. &#8220;We continue to occupy our building without the constraints of ownership.&#8221;</p><p>A &#8220;sale/leaseback&#8221; or &#8220;sale and leaseback&#8221; is a transaction where a property owner sells the real estate, then leases it back from the buyer. In this way, the transaction functions as a loan, with payments taking the form of rent.</p><p>Civitas Media employs more than 1,200 associates across 12 states, including Pennsylvania, North Carolina, South Carolina, Ohio, Illinois, Missouri, Oklahoma, Virginia, West Virginia, Georgia, Kentucky and Tennessee. Civitas publishes more than 100 publications for a combined weekly distribution of more than 1.6 million copies.</p><div class="metaInfo"><bylineMeta><p>Times Leader Staff</p><p>news@www.timesleader.com</p></bylineMeta></div><div class="metaInfo"><shirttailMeta><p>Reach the Times Leader newsroom at 570-829-7242.</p></shirttailMeta></div>

Times Leader News Group sells Market Street property, will continue operations there in sale/leaseback agreement