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Saturday, September 4, 2010

Update on the Brown Publishing Bankruptcy


The intrigue surrounding Brown Publishing gets more and more debacle-lized (this word is not in the dictionary, but it sounds good) as more details reach us common folk.

This update from the Mansfield News Journal by Thomas Palmer (no good link for this writer):

Uncertainty remains the only constant as the Brown Publishing bankruptcy continues to unfold.

In July, a bankruptcy court declared an insider's group, Brown Media, the successful bidder for all but three of the chain's newspapers. However, documents filed with the bankruptcy court in August revealed the group was unable to complete its purchase when its lender withdrew. The same paperwork reported debtors were negotiating to sell the remaining operations to financial giant PNC, the second-highest bidder, on or before Sept. 2.

On Thursday, Editor & Publisher reported a sale to PNC was imminent. On the same day, a source at Brown Publishing said employees were informed the sale has been finalized and there would be a new owner for the chain's remaining properties.

On Friday, the court issued an order approving the sale of assets to Ohio Community Media, a company owned by six financial institutions, including PNC. A separate sale approved at the same time means that Dan's Papers, the largest newspaper in the lucrative Hamptons area of Long Island, was not included in the Brown-Ohio Community Media agreement. The new owner's name replaced that of Brown Publishing on the chain's local news websites Friday, and a possible new corporate website appeared at http://www.ohiocommunitymedia.com/.

Read more http://alturl.com/wnp2o

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