California-based print/interactive group Freedom Communications is selling the Texas portion of its portfolio to a new company formed for the express purpose of buying the Freedom Texas properties.
The new company is AIM Media Texas, LLC, headed by Chairman/CEO Jeremy L. Halbreich and President/COO William R. (“Rick”) Starks.
AIM is purchasing tte print and online assets of The Brownsville Herald, El Nuevo Heraldo, The Harlingen Valley Morning Star, The Monitor in McAllen, The Odessa American and The Mid Valley Town Crier in Weslaco.
Terms of the deal were not revealed.
Freedom expressed confidence that it was putting the newspapers into good hands, and CEO Mitch Stern commented, “The attractiveness of these properties is entirely due to their strong performance and the hard work of their associates. The sale furthers our goal of providing value to our shareholders while at the same time increasing the financial strength of Freedom.”
Halbreich added, “Freedom Communications is one of the most respected and admired publishing organizations in the United States. I have had the pleasure and good fortune of knowing many of the family members, Board members and senior executives at Freedom and so we are very flattered to have this opportunity to become directly involved with these important, high-quality, local journalism organizations.”
Halberiech is not new to the newspaper business. He is the former Chairman and CEO of Sun-Times Media LLC, former Founder, Chairman, President and CEO of American Consolidated Media, and former President and General Manager of The Dallas Morning News.
