JOURNAL REGISTER TO SELL MIDWEST PROPERTIES

By: Staff reports

Ohio, Illinois, Missouri Holdings For Sale



Journal Register Co., Trenton, N.J., wants to sell off some of its
newspaper assets in Ohio, Missouri, and Illinois and has retained
Donaldson, Lufkin, and Jenrette for representation in Ohio. Dirks, Van
Essen & Murray will handle the company’s properties in Missouri and
Illinois.


‘The sale of our Midwest properties will increase our financial
flexibility and enable us to further realize shareholder value,’ Robert
M. Jelenic, chairman, president, and CEO of Journal Register, said in a
statement. The company’s board also said the company’s value is
currently not reflected in its stock price.


To increase the stock value, the company is selling four Ohio dailies,
an Illinois daily, and a weekly newspaper group in Missouri and
Illinois.


The Ohio properties are: The News-Herald in Lake County, weekday paid
circulation of 50,823; The Morning Journal in Lorain, circulation
35,850; The Times Reporter in Dover, a circulation 24,118; and The
Independent in Massilon, circulation 15,034. (All circulation figures
are from ABC’s Fas-Fax Sept. 30, 1999)



In Illinois, Journal Register is selling The Telegraph in Alton, with
circulation of 27,885. Other properties being sold in Illinois include
13 weekly newspapers that make up a part of the Suburban Newspapers of
Greater St. Louis Inc. The weekly newspaper group also publishes 26
weeklies in Missouri. The Journal Register Co. says total-circulation
for the non-daily group is approximately 1.7 million.


These properties generated approximately $135 million in revenue and
almost $50 million in earnings before interest and taxes, for the year
ended Dec. 26, 1999, according to the company.


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Staff reports











(c) Copyright 2000, Editor & Publisher

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