IRVINE, Calif., May 17, 2012 — Freedom Communications announced today that it has reached agreement to sell The Telegraph in Alton, IL, The Journal-Courier in Jacksonville, IL, The Sedalia Democrat in Sedalia, MO and The Lima News in Lima, OH, to an affiliate of Philadelphia-based private equity firm Versa Capital Management, LLC.
The transaction, terms of which were not disclosed, is expected to close within the next thirty days. Substantially all current employees will transition to the new company.
“With their commitment to providing the accurate and timely information that their communities want and deserve, these properties showcase, through the hard work of their associates, what community journalism is all about. We believe that commitment and tradition will be carried on by the new ownership,” said Freedom CEO Mitch Stern.
He added: “While ensuring that the communities served by these newspapers will continue to receive the best possible service, this transaction also represents an opportunity to add to the financial strength of the company and enhance the value of our shareholders’ investments.”
“We are very pleased to have reached an agreement to acquire the assets of Freedom’s Central Division to add to our growing platform of community newspaper assets, including Ohio Community Media,” said Gregory L. Segall, CEO of Versa Capital Management.
About Freedom Communications
Freedom Communications, headquartered in Irvine, Calif., is a national privately owned information and entertainment company of print publications and interactive businesses. The Company’s print portfolio includes approximately 100 publications, including 24 daily newspapers, weekly newspapers, plus ancillary magazines and other specialty publications. The Company’s news, information and entertainment websites and mobile applications complement its print properties. For more information, visit http://www.freedom.com .
About Ohio Community Media
Ohio Community Media owns and operates properties including 14 daily newspapers and 30 weeklies serving communities in northern and western Ohio. More information can be found at http://www.ohcommedia.com .
About Versa Capital Management
Versa Capital Management, LLC is a private equity investment firm with $1.2 billion of committed capital focused on control investments in special situations involving middle market companies in a wide variety of industries throughout the United States. More information can be found at http://www.versa.com .
SOURCE: Freedom Communications