DALLAS, TX, May 18, 2012 – AIM Media Texas, LLC (“AIM” or the “Company”) announced today that it has reached agreement to acquire the Texas print and online newspaper publishing assets from Freedom Communications, Inc. (“Freedom”), of Irvine, California.
Terms of the transaction, which is expected to close in approximately 30 days, were not disclosed. In conjunction with the transaction, AIM announced that all Freedom employees at the publications in Texas will continue in their respective jobs and positions with the new Company.
The publications and affiliated web-sites included in the transaction include daily newspapers in McAllen (The Monitor and www.themonitor.com), Harlingen (Valley Morning Star and www.valleymorningstar.com), Brownsville (The Brownsville Herald and www.brownsvilleherald.com), Brownsville (El Nuevo Heraldo and www.elnuevoheraldo.com) and Odessa (Odessa American and www.oaoa.com); one 2X-weekly in Weslaco (Mid-Valley Town Crier and www.midvalleytowncrier.com); one weekly serving South Padre Island and Port Isabel (Coastal Current and www.spislandbreeze.com); and, a variety of other weekly and monthly publications and related web-sites.
“Freedom Communications is one of the most respected and admired publishing and media organizations in the United States,” said Jeremy L. Halbreich, Chairman and CEO of AIM and the former Chairman & CEO of Sun-Times Media LLC (Chicago), former Founder, Chairman, President & CEO of American Consolidated Media (Dallas), and former President and General Manager of The Dallas Morning News. “I have had the pleasure and good fortune of knowing many of the family members, Board members and senior executives at Freedom over the years and so we are very flattered to have this opportunity to become directly involved with these important, high-quality, local journalism organizations,” he added.
“We are excited by the prospect of instilling a renewed and reinvigorated local focus and local concentration at these significant local institutions. We look forward to providing the guidance and direction necessary for them to engage their local audiences and set the civic agenda and discourse in both online and print for the communities they serve,” Halbreich added. “These are important, impactful and attractive businesses in an extraordinary group of towns in Texas including Odessa and all the local communities across the Rio Grande Valley.”
“These publications and the service they provide their respective communities in Texas represent a great testimony to the hard work, dedication and true community service established and maintained by Freedom over many decades in conjunction with their talented staff of dedicated employees,” Halbreich said.
“We are gratified by Freedom’s confidence in us as publishers of local, community newspapers to build on their focus and tradition of community service in these particular markets and throughout all the media properties they operate,” Halbreich concluded.
“We are also fortunate at AIM to have pulled together a dedicated and committed group of experienced media investors in combination with a group of local individual investors from the local markets where these businesses operate,” Halbreich said. “This is intended to insure that we remain focused, attentive and responsive to the local issues and local community values in our home markets.”
“The attractiveness of these properties is entirely due to their strong performance and the hard work of their associates,” said Freedom CEO Mitch Stern. “The sale furthers our goal of providing value to our shareholders while at the same time increasing the financial strength of Freedom.”
“The papers will be in good hands. The leadership of AIM Media Texas has an intimate understanding of the Texas media landscape and is acutely aware of the key role newspapers play in the lives of the communities they serve,” Stern added. “They share our view that a newspaper must be strong in its dedication to localism by providing accurate and timely information and by serving as an active steward of the values of the community.”
About AIM Media Texas, LLC
AIM Media Texas, LLC is an acquisition entity formed by Halbreich for the purpose of purchasing the print and online publishing assets in Texas from Freedom Communications. The new operating company’s headquarters will be in McAllen, Texas and it will be managed by AIM Media Texas Management of Dallas, Texas where Halbreich serves as Chairman and CEO and William R. (“Rick”) Starks serves as President and COO.
The Company focuses on local content across all forms of media including print, online and video.
The Company recognizes the value and benefits that local news, information and advertising services bring to local communities and regional markets.
We are the leading information source in our communities. Through our demonstrated integrity and our dedicated and comprehensive approach to balanced and credible journalism, we earn the trust and support of local readers, viewers, businesses and advertisers.
About Freedom Communications
Freedom Communications, Inc., headquartered in Irvine, California, is a national privately owned information and entertainment company of print publications and interactive businesses. Freedom’s print portfolio includes approximately 100 publications, including 24 daily newspapers, weekly newspapers, plus ancillary magazines and other specialty publications. Freedom’s news, information and entertainment websites and mobile applications complement its print properties. For more information, visit www.freedom.com.
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