Wednesday, September 02, 2009

Freedom Communications, publisher of many rural papers, is latest to seek bankruptcy protection

Freedom Communications Inc., owner of 33 daily newspapers and 70 weeklies, has become at least the 10th newspaper publisher to file for bankruptcy protection in a year. The reorganization will decrease Freedom's debt from $770 million to $325 million, Mary Ann Milbourn reports for the Freedom newspaper The Orange County Register. (Read more)

In addition to its flagship paper, Freedom Communications owns many rural newspapers such as the Jacksonville Daily News in North Carolina. The chain's chief executive, Burl Osborne, told Michael Liedtke of The Associated Press that the reorganization gave the company a chance to realign its balance sheet "with the realities of today's media environment," and the company has enough cash to finance its operations and the filing wouldn't affect the day-to-day business. (Read more)

1 comment:

Howard Owens said...

"Freedom is just another word for nothing left to lose ... "