Orange County LE - Greeting card owner buys Orange County Register

By Catholic Online (NEWS CONSORTIUM)
6/13/2012
Catholic Online (www.catholic.org)

A greeting card mogul buys the Orange County Register and others.

The Orange County Register and six other newspapers from Freedom Communications are being bought out by a Massachusetts greeting-card entrepreneur.

The deal is expected to close in roughly 30 days.

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ORANGE COUNTY, CA (Catholic Online) - On Monday, 2100 Trust, a private company, headed by Aaron Kushner, and Freedom Communications made the deal, however terms were not disclosed. Kushner, who made the majority of his fortune through greeting cards, stated: "As we see opportunities to buy and support other compelling franchise newspapers we will actively pursue them."

The once chief executive of Marian Heath Greeting Cards in Massachusetts made news when he announced that he was acquiring investors to make an offer for the Boston Globe, owned by the New York Times Co., two years ago.

Freedom Communications came out from bankruptcy back in 2010, which left it in the hands of a group of investment companies which included Angelo Gordon & Co. and JPMorgan Chase. The new owners then began selling off the company little by little. For example, in November 2011, Freedom sold its broadcast stations to Sinclair Broadcasting Group for $385 million. The bankruptcy ended the ownership of the Orange County Register by the family of R.C. Hoiles, who purchased the paper years ago in 1935.

The deal, which includes seven newspapers throughout California, Colorado and Arizona, is expected to close in roughly 30 days.

� 2012, Distributed by NEWS CONSORTIUM.

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Keywords: newspapers, buy, layoff, entrepreneur, invest

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