Local investors Tuesday signed documents to buy the weekly Fauquier Times, Prince William Times and Gainesville Times from Loudoun-based Virginia News Group according to Randy Cope, Managing Director of Cribb, Greene & Cope who represented Virginia News Group in the transaction. Terms were not disclosed.
Virginia News Group, also publisher of Loudoun Times-Mirror, is owned by Middleburg resident, Peter Arundel. The company was founded by Arundel’s father, Arthur “Nick” Arundel, in 1963 with the purchase of the Loudoun Times-Mirror.
“Our readers and advertisers in Fauquier are very well-served by this transaction”, said Arundel, adding, “The buyers are very passionate about this county and the vital role that the paper plays in nurturing its special character.”
The first edition under Piedmont Media will be Aug. 24. The buyers all reside in Fauquier and are represented by Marshall resident, George Thompson, chairman of Piedmont Media LLC.
“Our goal is to build a newspaper that is as good and honest and as able as are the people of Fauquier County,” Thompson said.
“We will invest in expanded coverage of the topics of greatest interest to the people who hold the county dear,” he said. “Our primary objective is to improve, over time, reporting and presentation of news, local business, events, agriculture, conservation, sports, equestrian and other features.”
Founded in 1905 by Thomas Frank, the paper changed hands several times until Hubert Phipps owned the paper for 33 years. Arthur “Nick” Arundel purchased the paper in 1974 and has remained in Arundel family ownership for 42 years.
Virginia News Group was represented by Randy Cope, Managing Director of Cribb, Greene & Cope, a newspaper brokerage, appraisal, and consulting firm with offices in Virginia, Montana, and Missouri.