By: E&P Staff
Journal Register Co. said Friday it is selling some papers in its Connecticut, Michigan, and Philadelphia-area clusters, and that it had hired the brokerage firm Dirks, Van Essen & Murray to seek buyers.
Reeling from debt and falling revenues from its especially hard-hit papers in suburban Detroit, Yardley, Pa.-based Journal Register is in default on loans and under the direction of a restructuring firm. It had announced it was seeking “strategic alternatives” that could include the sale of some or all of its papers.
Journal Register did not identify the papers up for sale in the clusters. However, in a telephone conversation Friday, Chairman/CEO James W. Hall said two of the best-known dailies in those clusters, The New Haven (Conn.) Register and The Macomb Daily in Mount Clemens, Mich., are not for sale. He declined to name any dailies Journal Register is putting on the market.
“The publications that have been selected for sale are important publications that have been serving their communities for many years,” the company said in a statement. “However, Journal Register Company can no longer give both the resources and attention that these publications require to achieve their full potential.”
Despite the credit crunch and the number of newspapers that are up for sale and have failed to find buyers, Dirks Van Essen says the market is “slow but steady.” It notes that so far this year, 16 dailies have sold in deals with a total value of $883 million.
Find out how Journal Register got to this point by visiting the Fitz & Jen blog.
This story has been corrected from a previous version posted Friday morning, in which it was erroneously reported that The New Haven Register and Macomb Daily were for sale. E&P regrets the error.