By: E&P Staff
The bank group that bought Brown Publishing Co.’s 14 dailies and numerous weeklies out of bankruptcy are now shopping the publications. Santa Fe, N.M.-based Dirks, Van Essen & Murray, the big newspaper brokerage firm, announced Monday that it had been engaged by the new owners, Ohio Community Media, to “explore strategic options for its publishing assets.”
The former lenders to Brown Publishing took control of substantially all its publications earlier this month when the bankruptcy auction bid by former CEO Roy Brown and two other Brown Publishing insiders failed to get financing. The banks’ credit bid of $21.8 million was the second highest in the auction and became the winning bid.