By: Staff reports
Publishing Empire Sold For More Than $2 Billion
The Chronicle Publishing empire has sold off its final assets, bringing the total sale value to well over $2 billion, reported The Associated Press yesterday.
Benedek Broadcasting of Rockford, Ill., acquired two of the remaining pieces: TV stations KAKE in Wichita, Kan., and WOWT in Omaha, Neb.
The company’s Osceola, Wis.-based Motorbooks International subsidiary was sold to Flagship Partners Inc. in New York. Prices of these sales were not disclosed.
Earlier sales included KRON TV, San Francisco’s NBC affiliate, which was priced at $823 million.
The Hearst Corp. has offered $660 million for the San Francisco Chronicle and its Web site which it shares with the Hearst’s San Francisco Examiner. The sale is waiting on an anti-trust review.
Pulitzer Inc. paid $180 million for The Pantagraph and seven community newspapers. The 50,000-circulation daily is based in Bloomington, Ill.
The New York Times Co. spent $295 million on The Worchester Telegram & Gazette, a 109,000 circulation paper in Massachusetts.
Chronicle Books, the media company’s publishing division, was purchased by its editor in chief, Nion McEvoy, who is the great-grandson of the Chronicle’s co-founder, Michael H. de Young.
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