A leading community newspaper publisher has gone into bankruptcy and is selling out. "Brown Media Holdings Co. and Brown Publishing Co. have filed for Chapter 11 bankruptcy relief and plan to sell their assets in 10 states to a bidder the companies have chosen," The Associated Press reports. "The Cincinnati-based, family-owned businesses . . . said they have strong cash balances, positive operating cash flows and financing in place to finance the bankruptcy process."
The companies publish 15 daily newspapers, 32 weeklies, 11 business publications and 41 free newspapers, shoppers or niche publications, mainly in Ohio. Others are in New York, Texas, South Carolina, Illinois, Iowa, Colorado, Utah, Arizona and Wyoming. President and Chief Executive Roy Brown cited "an unprecedented economic and financial crisis." (Read more)
Meanwhile, Mark Fitzgerald of Editor & Publisher reports that Freedom Communications has emerged from its "pre-packaged" Chapter 11 bankruptcy. The company owns the Orange County Register, 31 other dailies and 29 community weeklies, mostly in California.
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