APN News and Media has sold The Star newspaper in Christchurch and the Oamaru Mail to independent publisher Mainland Media.
APN publishes The New Zealand Herald and says it wants to concentrate on its North Island businesses.
All the staff of the two South Island papers, which number about 60, will keep their jobs.
While some believe newspapers are a dying business, Mainland managing director and co-owner Pier Smulders sees a bright future for The Star, established in 1868, and the Oamaru Mail, which has been published since 1879.
He says Christchurch's economy is getting stronger and Mainland Media wants to be able to offer readers and advertisers a range of products.
Mr Smulders says the first step is to get the teams working well together and from there the company will be looking at growth.
He says in Oamaru it's also a matter of making connections with readers and advertisers in the local community and there's also the opportunity to grow the business there.
