By: Joe Strupp
Journal Register Company is selling three of its Rhode Island newspapers, officials announced in a statement today. The papers will be sold to R.I.S.N. Operations Inc. for $7.6 million in cash, subject to working capital adjustments, a release stated.
Officials revealed that the company has “signed a definitive agreement” to sell The Call of Woonsocket, The Times of Pawtucket, and the Kent County Daily Times in West Warwick. The Pennsylvania-based company, which owns 27 daily papers, also will sell a group of weeklies, the Southern Rhode Island Newspaper Group, in Wakefield, R.I., as part of the deal.
“We thank all of our talented employees at our Rhode Island newspapers for their contributions over the years and wish them all well.” Robert M. Jelenic, Chairman and Chief Executive Officer of Journal Register, said in a statement.
The deal is expected to be finalized during the first quarter of 2007.