Freedom Communications Holdings Inc. and c Corp. on Thursday announced the completion of the sale of The Press-Enterprise in Riverside, Calif.
Freedom acquired substantially all of the assets, which comprise the newspaper operations of The Press-Enterprise (including the production facility and related land in Riverside) for $27.25 million. A. H. Belo will continue to own and market for sale the land and buildings associated with a discontinued commercial printing operation in Riverside. The Press-Enterprise will maintain its primary business offices in the city.
"We appreciate the stewardship provided by A. H. Belo to The Press-Enterprise, an institution that plays an incredibly important role in building community and adding richness to people's lives. Our focus moving forward will be to enhance the ways we can provide value to subscribers of The Press-Enterprise and the greater community," Aaron Kushner, co-owner and CEO of Freedom Communications, said in a statement.
The sale had been set to close last Friday, but was held up and questions arose over whether Freedom Communications could afford to consummate the deal. A.H. Belo did not say why the deal had been held up. Earlier this week, the company threatened to sue Freedom if the deal fell through.
"We are pleased the transaction has closed, and wish our colleagues in Riverside all the best as they go forward as part of Freedom Communications," Jim Moroney, chairman, president and CEO of A. H. Belo, said in a statement.
