NY Post: Newsday sells its free daily newspaper amNewYork

Newsday is selling its freebie commuter paper amNewYork, relinquishing its last toehold in the five boroughs as it concentrates on its core Long Island audience.

The sale to Schneps Media, a growing publisher of weekly newspapers and magazines in the New York area, is effective Oct. 11. Terms were not disclosed, but according to one source amNewYork was estimated to be losing about $5 million a year.

Schneps, which was started by chairman and co-publisher Vicky Schneps-Yunis, started with the Queens Courier in 1985 and now publishes 33 weekly newspapers and 28 niche magazines across the metro area.