Paddock Ventures to Buy Lakeland Media

Posted Tuesday, July 12, 2005 12:00 am

By: E&P Staff Paddock Ventures LLC has agreed to purchase the weekly newspaper group Lakeland Media from the William Schroeder family. Paddock Ventures is a subsidiary of Paddock Publications Inc., publisher of the Daily Herald in Arlington Heights, Ill.

?Being part now of a larger suburban group will accelerate Lakeland?s growth in Lake County, and we feel Lakeland is a perfect fit with Paddock,? Schroeder said in a statement.

Lakeland, based in Grayslake, Ill., publishes 12 weekly community newspapers in Lake County.

?Lake County is an exciting, fast-growing marketplace,? said Dan Baumann, Paddock?s chairman and publisher, in a statement, ?and it has responded well to the professional, community-oriented style of journalism represented by the Paddock and Schroeder families. The purchase of Lakeland combines the strengths of the leading daily and weekly newspapers in those areas of Lake County west of I-94.?

Reflejos, a 100,000-circulation weekly bilingual publication serving the growing Latino population of Chicago's suburbs, also is part of Paddock Ventures.

The transaction is expected to close in August.

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Paddock Ventures to Buy Lakeland Media

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