NEW: Providence Journal’s California Sister Paper Sold for $27M
Thursday, October 10, 2013
Belo and Freedom Communications Holdings, Inc. jointly announced today they have entered into a definitive asset purchase agreement under which Freedom Communications Holdings, Inc. will "acquire substantially all of the assets which comprise the newspaper operations of The Press-Enterprise, including the production facility and related land.
The transaction is expected to close in mid-October subject to customary closing conditions. Upon closing, A. H. Belo will continue to own and market for sale the land and buildings associated with a discontinued commercial printing operation in Riverside, CA. The Press-Enterprise will maintain its primary business offices in Riverside.
Jim Moroney, chairman, president and Chief Executive Officer of A. H. Belo, said, "We are pleased to have found a partner in Freedom Communications to purchase The Press-Enterprise assets who we know will continue to support journalism as we have in the critical Inland Southern California region. We thank our colleagues in Riverside for their hard work and support as we have been privileged to own and operate The Press-Enterprise for the past sixteen years. The proceeds received in this transaction will provide funds for A. H. Belo to continue to diversify its revenue streams and increase shareholder returns in the future."
Aaron Kushner, co-owner and Chief Executive Officer of Freedom Communications, said, " The Press-Enterprise is a Pulitzer Prize-winning institution with a rich history in serving and connecting the community. We are most appreciative of the stewardship provided to this important institution by A. H. Belo and we look forward to continuing to build upon that foundation and expand the ways The Press-Enterprise helps its subscribers, advertisers and community grow and thrive."
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