By: E&P Staff
Media General has purchased Powhatan (Va.) Today, a 4,500-circulation weekly from David S. Cole.
Terms of the transaction, brokered by Cribb, Greene & Associates, were not disclosed.
“We like the direction Media General is going with its community newspapers, especially in the Richmond area,” Cole, who is also the paper’s publisher, said in a statement. “I think this is a perfect fit for both companies. This is an excellent opportunity for Powhatan Today to continue its growth.”
Cole, who is 50, said his health was the reason for the sale. He had quadruple-bypass surgery three years ago. He founded the paper in 1986.
In an editorial, Cole wrote: “When the doctor tells you the reason for your surgery was based on 50% family history and 50% due to stress of owning your own business, something needs to change.”