By: (AP) The board of Freedom Communication Inc., one of the nation's last large family-owned media companies, asked a committee evaluating buyout bids to see which can be developed into a deal to present to shareholders.
The board met late Wednesday and issued a statement saying it would meet again. No date was given.
Freedom operates 28 daily newspapers, 37 weeklies, and eight television stations. Its flagship paper is
The Orange County Register of Santa Ana, Calif.
Some of founder R.C. Hoiles' family members have sought to sell their shares, while others have been working with investment firms to keep family control.
Denver-based MediaNews Group Inc., the nation's seventh-largest newspaper operator, is among the media companies and investment firms that have submitted bids to buy Freedom. Others believed to have made offers include Gannett Co. Inc., Lee Enterprises Inc., the Journal Register Co., and E.W. Scripps Co.
Some of the bidders want to buy all of Freedom, while others seek various parts.
Independent analysts have valued the company at $1.5 billion to $2 billion.
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