By: E&P Staff Dallas-based American Consolidated Media (ACM) announced Friday it has bought Superior Publishing Corp., publisher of three dailies and 16 other papers in Minnesota, Wisconsin, Michigan.
The purchase includes The Daily Tribune in Hibbing, Minn.; the Mesabi Daily News in Virginia, Minn.; and The Daily Press in Ashland, Wisc.
Terms of the transaction, which is expected to close by the end of the year, were not disclosed. The seller, MCG Capital Corporation, was advised in the transaction by Owen Van Essen of the Santa Fe, N.M.-based newspaper mergers and acquisitions firm Dirks, Van Essen & Murray.
Superior Publishing Corp. (SPC) Chairman, President, and CEO Charles R. Johnson will remain as president and CEO of the SPC group in ACM.
With the addition of the SPC properties, ACM will own 65 publications, including nine dailies, in Texas, Oklahoma, Minnesota, Wisconsin, and Michigan.
"ACM has a broad strategy to build a newspaper company in the United States comprised of superior, high quality, local community newspapers with traditions of strong service to their local communities," said Jeremy L. Halbreich, chairman, president and CEO of ACM.
Halbreich founded ACM in 1998. The company was purchased in February by Sydney, Australia-based Macquaire Media Group.
"This is a great fit and future for our employees, our newspapers and our communities," SPC's Johnson said in a statement. "ACM has an aggressive strategy of growth and investment in the communities served by their publications."
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