Tribune Finds Buyer For Two Connecticut Papers
October 25, 2007 at 11:34 AM (PT)
TRIBUNE CO. has found a buyer for the STAMFORD ADVOCATE and GREENWICH TIME daily newspapers, selling the FAIRFIELD COUNTY, CT properties to HEARST CORP. for $62.4 million. HEARST will put the papers into the joint venture it maintains with DEAN SINGLETON's MEDIANEWS GROUP, INC. in which MEDIANEWS manages the papers, as it does with a trio of other papers technically owned by HEARST, including the ST. PAUL PIONEER PRESS, MONTEREY COUNTY HERALD, and the DAILY BREEZE in TORRANCE, CA.
The CONNECTICUT papers had previously been dealt to GANNETT for $73 million in a deal that was called off before closing due to union contract restrictions. The selloff is part of restructuring as the company comes under private ownership by SAM ZELL and an employee stock ownership plan. TRIBUNE owns one radio property, Talk WGN-A/CHICAGO.