'Daytona Beach News-Journal' Misses Buyout Deadline, Sale to Proceed

Posted Tuesday, April 28, 2009 12:00 am

By: The sale of the Daytona Beach News-Journal will now go forward after the newspaper missed a buyout deadline.

The court-appointed manager of the paper, Jim Hopson, said the $26 million sale will go on as planned. The court deadline passed Monday without any action by the family that owned and controlled the newspaper since 1928.

The paper was ordered to pay a $129 million judgment to sever its ties with minority shareholder Cox Enterprises of Atlanta.

For the past year, the parties have been trying to sell the newspaper.

The News-Journal Corp. has said the $26 million is not a "fair and reasonable price" and to make a sale in the current market is "wholly unreasonable."

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'Daytona Beach News-Journal' Misses Buyout Deadline, Sale to Proceed

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