OC Register’s Owner, Out of Chapter 11, Gets Deal Offers

0

The company that owns the Orange County Register in California is considering offers to buy its newspapers and TV stations.

Freedom Communications Inc. said Thursday that the offers have come during a review of strategic options for the company, which emerged from bankruptcy protection in April. The company would not name the potential buyers or give details about which properties have drawn interest.

Freedom owns eight TV stations around the country and 100 daily and weekly newspapers. It filed for Chapter 11 protection in September 2009, as the newspaper and broadcast industries struggled with declines in advertising sales.

Lenders including distressed debt specialist Angelo, Gordon & Co. and several private equity firms took control of the company and agreed to cut its debts to $325 million from $770 million. Angelo, Gordon also wants to acquire a major stake in the Los Angeles Times, under a proposed reorganization of its owner, Tribune Co.

&#8226CLICK HERE to read the Associated Press story.

No posts to display