News-Journal Corp., owner of the daily Daytona Beach (FL) News-Journal and related publications, has signed a definitive agreement to sell its publishing operations to two investor groups. The deal remains subject to court approval. Dirks, Van Essen & Murray, a newspaper merger-and-acquisition firm in Santa Fe, New Mexico, represented News-Journal Corp. in the transaction.
The transaction includes the 78,600-circulation daily, a regional Pennysaver operation and two telephone books. The acquiring companies are Halifax Media Acquisition LLC and Stephens Investments Holdings LLC. Among the investors is Stephens Capital Partners, based in Little Rock, Arkansas.
The Davidson family has controlled the News-Journal Corp. since 1928. Cox Enterprises acquired a significant minority interest in the company in 1969. The Davidson family and Cox entered into litigation in recent years that resulted in a decision to sell the publishing group. The newspaper currently is being operated under a receivership supervised by the federal courts.
Wednesday, January 6, 2010
Daytona Beach Paper Sold
From a release this afternoon:
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