No idea what this means for their sports coverage, or for talented reporters like Brian MacPherson and Tim Britton, but I haven't exactly been thrilled with what's happened to the New Bedford Standard-Times and Cape Cod Times under the control of the new ProJo owner's GateHouse subsidiary.
Story
Story
PROVIDENCE, R.I. — Dallas-based A.H. Belo Corporation, which has owned The Providence Journal for 17 years, announced late Tuesday afternoon that it agreed to sell the newspaper operation to New Media Investment Group Inc., parent company of GateHouse Media, for $46 million.
Under the deal, which includes “substantially all of the assets” of The Journal, New Media will acquire the newspaper’s production facility on Kinsley Avenue but not The Journal’s landmark brick headquarters at 75 Fountain St., nor the downtown parking facilities and other property A.H. Belo owns.
A.H. Belo said the new owners will lease the Fountain Street headquarters and parking lots for a year after the closing of the sale.
The announcement of the sale comes one day after The Journal marked its 185th birthday. It is America’s oldest continuously publishing daily newspaper.
The sale is expected to close in the third quarter. New Media is one of the largest publishers of locally based print and online media in the United States, if measured by the number of daily publications.
It is the parent company of GateHouse Media LLC, which also owns The Herald News, in Fall River; the Standard-Times, in New Bedford; the Taunton Daily Gazette, and the Cape Cod Times, according to the company’s website.
GateHouse itself went into Chapter 11 bankruptcy proceedings in September 2013 to restructure about $1.2 billion in debt, according to the company’s website. It emerged from Chapter 11 in November under new ownership by New Media Investment Group.
The Journal’s circulation is about 72,000 on weekdays and 96,000 on Sundays, according to New Media’s announcement.
It was independently owned until A.H. Belo Corporation bought The Providence Journal Company in 1996 for $1.5 billion, when both corporations owned newspaper and television operations.
Later, Belo split into two companies, one called Belo Corporation, which operated the television stations, and the other, A.H. Belo Corporation, which operates the newspaper organizations.
A.H. Belo announced in December that it had hired a consultant to “explore a potential sale” of the news organization so it could concentrate on its businesses in Texas.