Merrill Lynch: Journal Register Co. Move to Sell Papers Positive

Posted Monday, August 28, 2006 12:00 am

By: E&P Staff Merrill Lynch is applauding the Journal Register Co.?s decision to unload its New England cluster properties including the Taunton Daily Gazette in Massachusetts.

The research firm believes there are willing buyers that could pay a multiple of up to 10 times.

Still, Merrill Lynch is keeping its current rating on the company at ?sell,? mainly because Journal Register is still a pure-play newspaper company.

?Some investors might view this move as a precursor to selling the whole company; we do not think that is the case and do not believe there is a natural buyer for [Journal Register] in one piece,? wrote analysts in a note.

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Merrill Lynch: Journal Register Co. Move to Sell Papers Positive

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