By: Jennifer Saba
Private Capital Management (PCM) has been dumping shares of Journal Register Co., according to a filing with the Security and Exchange Commission.
PCM now owns 74,600 shares or 0.2% of Journal Register — down from 2,971,075 shares or 7.5%, which PCM owned as of June 30, 2006.
PCM was one of the Journal Register?s largest shareholders. Ariel Capital Management holds almost 13% of the company with about 5 million shares as of June 2006.
Calls placed to PCM and Journal Register have not been returned.
PCM, an investor in several newspaper companies including McClatchy and The New York Times, forced Knight Ridder to put itself up for sale in late 2005.
Journal Register, which owns several newspapers throughout the northeast, Michigan, and Ohio, has been hammered by weak advertising results.
During 2Q, the company reported that advertising revenue dropped 2.7% due to weakness at its newspapers in Michigan. On Sept. 27, Journal Register said it was cutting 82 positions and expects to reap $3.2 million in savings a year.
The company will release 3Q results tomorrow.
Shares of Journal Register are trading up $.19 to $6.17.