By: E&P Staff Patricia Pace, the owner of the Herald-Progress in Ashland, Va., sold the paper to CV Corp. Pace ran the twice-weekly paper for 23 years with her husband Jay. They decided to sell the Progress before Jay's death in April. Steve Pace, the brother of Jay, will stay at the paper as general manager and operations director.
"We wanted someone who knew about community newspapers," said Patricia Pace in statement. "We wanted an owner who has an interest in the Hanover community and who would keep the community's best interest at heart."
Terms of the deal, which was brokered by Cribb & Associates, were not disclosed but the transaction also includes the 12,000-foot office and the printing plant in Hanover Industrial Air Park. The CV Corp. publishes the Central Virginian in Louisa, Va., and the Goochland Courier.
Cribb & Associates also represented Rick and Debbie Davies in the sale of The Shopper in New Bern, N.C., to Freedom Communications. The deal also includes eight area community newspapers.
"Debbie and I are very excited about the future for the company and the next level of growth that Freedom Newspapers can provide," said Rick Davis in a statement. "We are proud of the business and felt that it is a good time to make a change. This is an excellent opportunity for our staff."
The Davis family owned The Shopper for 21 years. Freedom Communications also owns the daily Sun Journal in New Bern. "We've had our eye on The Shopper for 20 years," said Jon Segal, president of Freedom Communications in a statement. "This is our first acquisition since our own reorganization. I hope it signals we're back in business as a growing company."
The amount of the transaction was not disclosed.
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