Orange County LE - Greeting card owner buys Orange County Register
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.
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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Pope Benedict XVI's Prayer Intentions for January 2013
General Intention: The Faith of Christians. That in this Year of Faith Christians may deepen their knowledge of the mystery of Christ and witness joyfully to the gift of faith in him.
Missionary Intention: Middle Eastern Christians. That the Christian communities of the Middle East, often discriminated against, may receive from the Holy Spirit the strength of fidelity and perseverance.
Keywords: newspapers, buy, layoff, entrepreneur, invest
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