Why is the Memphis newspaper dying?

MEMPHIS (CBS Memphis) — The Memphis newspaper is being sold off to private investors for a hefty sum.

The Memphis Post-Standard says it’s closing after 34 years.

Its current owners plan to give the newspaper up for auction on Thursday.

The Post-Sprint bought it in 2015 for $25 million.

The newspaper is owned by the Memphis Commercial Appeal, which owns the Memphis Standard and the Memphis Business Journal.

The new owners plan on selling the paper at auction.