It looks like News Corp‘s soon-to-be-separated publishing company might not include the Dow Jones Local Media division, with Bloomberg reporting the company has hired an investment bank to explore a sale of the assets. The unit houses a group of community papers that includes the Cape Cod Times in Massachusetts and The Record in Stockton, CA. Last week, Rupert Murdoch said the new publishing operation will have about $2.6 billion cash on hand and almost no debt when it becomes stand-alone, an indication it could expand. The publishing assets lost $2.08B in the fiscal year that ended in June 2012, down from a $678M profit, on $8.65B in revenues, -4.8% (much of that decline is due to the closing of the UK’s News Of The World tabloid). The new company’s properties had 24,000 employees as of September 30, including 9,000 in the U.S., 4,000 in the U.K. and 9,000 in Australia.