By: E&P Staff
The News-Times of Danbury, Conn., has caught the attention of four potential buyers looking to snatch up the daily currently owned by Dow Jones & Co., reports the paper.
Since Dow Jones announced on Aug. 28 that it would be selling six newspapers in its Ottaway division, including the News-Times, representatives from four media groups have been scouting out the paper?s potential.
Colorado-based MediaNews Group, recently-formed GateHouse Media, Alabama-based Community Newspaper Holdings Inc., and the Pennsylvania-based Journal Register Co. have all been seen touring the paper, reports the News-Times.
The deadline for official bids was Friday, said a News-Times article, and a Dow Jones spokesman declined to comment in that article on how many of those media companies might have actually bid on the paper.
According to the article, however, there are several reasons why each of these companies might be interested in buying the paper.
When Dow Jones announced that it would sell six papers from its Ottaway division, the Journal Register announced that it would also be selling newspapers in Rhode Island and Massachusetts, reports the News-Times.
Also, said the paper, GateHouse Media, in a recent U.S. Securities and Exchange Commission filing, said that it hopes to continue purchasing media companies. The company was formed just last year when a New York-based investment firm purchased Liberty Group Publishing.
Dow Jones officials told the News-Times that they hope to have the sale completed by the end of 2006. The profits from the sale are expected to pay for Dow Jones? recent purchase of shares of Factiva, an online news database previously owned by Reuters, which will give the company full control of the business, reports the News-Times.
Other Ottaway papers up for sale by Dow Jones are located in Oneonta and Plattsburg, N.Y.; Santa Cruz, Calif.; Sunbury, Pa.; and Traverse City, Mich.