A newspaper company that emerged from bankruptcy two years ago in July 2009 has been acquired by a hedge company that specializes in the acquisition of troubled properties, and has a particular affinity for newspapers. Journal Register Company is the acquisition target, and Alden Global Capital is the buyer.
Journal Register CEO John Paton thinks its excellent news. He noted that the company has been doing a great job of moving into the digital space after establishing a poor track record, and sees the acquisition to continue a pattern of growth.
The company is said to reach 19.5M users per week between its print and online properties. It is active in 10 states.
Terms of the deal were not disclosed, but according to reports, the Alden will not be taking on any Journal Register creditors – according to a Poynter Institute report the company says all of its debts are paid, and philly.com notes that the company managed to turn a profit in its last fiscal year.