A major shareholder of the Journal Register Company says the newspaper publisher has received several offers to acquire or invest in the business.
Richard Barone, chairman of the Ancora Group in Cleveland, says he’s offering to buy up to 90% ownership for $25 million.
Barone says he expects the Pennsylvania-based company to make a decision by the end of the month.
The company owns 22 daily newspapers, including The (Lorain) Morning Journal and The (Willoughby) News-Herald in Ohio, and 312 nondaily publications.
Messages left for Journal Register representatives were not returned.
Like many newspaper owners, it has struggled with declining advertising revenue. In April, the company’s stock was delisted from the New York Stock Exchange because its price fell below required limits.