Freedom Communications to be Acquired by 2100 Trust

IRVINE Freedom Communications Holdings, Inc. announced today that it has agreed to be acquired by 2100 Trust, LLC in a merger with a subsidiary of 2100 Trust.

At the time the transaction closes, Freedoms businesses will consist of its flagship Orange County Register, The Porterville Recorder in Porterville, CA, the Barstow, CA Desert Dispatch, The Gazette in Colorado Springs, CO, the Marysville, CA Appeal-Democrat, the Victorville, CA Daily Press and The Sun in Yuma, AZ and their associated non-daily publications along with specialty publications and digital properties. The Company had previously announced sales of its other newspaper assets and broadcast properties, which sales have closed or are expected to close within the next few weeks.

It is expected that the transaction, the value of which was not disclosed, will be completed in about 30 days. All current Freedom employees at the operating locations will transition to the new ownership, said Mitchell Stern, Freedoms Chief Executive officer.

While providing the value that our shareholders have sought, this transaction also ensures Freedoms communities that our newspapers serve will continue to receive the outstanding service that has been our hallmark, Stern said. Our employees will be able to continue the community journalism at which they so excel.

The new owners have a long-standing interest in community journalism and understand the critical role that newspapers, despite all the changes of recent years, continue to play in providing the information that people need and cant find anywhere else, said Mark McEachen, Freedoms Executive Vice President, Chief Operating Officer and Chief Financial Officer.

R. C. Hoiles founded Freedom after acquiring what was then the Santa Ana Register in 1935. The company eventually grew to be one of the largest media companies in the country with 100 daily and weekly newspapers, numerous news websites and specialty publications and eight broadcast stations.

The Porterville Recorder was acquired by Freedom Communications in 1974 and over the past 38 years weve continued to grow by knowing our customers exceeding well, said Recorder publisher Paula Patton. Knowing what is important to them; being recognized as an active, involved and caring member of the community; and being the indispensable source of local news and information delivered over multi-platforms has always been and will continue to be our goal as we move forward.

We couldnt be more pleased with the opportunity to lead the hard-working and talented employees of Freedom Communications in serving these communities. We believe that newspapers are essential to the fabric of our lives and are excited to own and grow these unique institutions, said Aaron Kushner, 2100 Trusts Chief Executive Officer.

About Freedom Communications

Freedom Communications Holdings, Inc., headquartered in Irvine, CA, is a national privately owned information and entertainment company of print publications and interactive businesses. The Companys print portfolio includes approximately 100 publications, including 20 daily newspapers, weekly newspapers, plus ancillary magazines and other specialty publications. The Companys news, information and entertainment websites and mobile applications complement its print properties. For more information, visit www.freedom.com.

Read the rest here:

(1) Freedom Communications to be Acquired by 2100 Trust
URL: http://www.recorderonline.com/news/acquired-53042-communications-irvine.html



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