Journal Register Company, which owns six daily newspapers in the Philadelphia region, filed for bankruptcy in September. The new owner may not retain all the current employees.
The Times Herald of Norristown, the Pottstown Mercury, and the Lansdale Reporter will have a new owner in April, pending a judge's approval of the company's bankruptcy sale. The Associated Press reports that Journal Register Company has sought a judge's approval to be purchased by 21st CMH Acquisition Co., an affiliate of current owner Alden Capital, for about $120 million. 21st CMH Acquisition Co. was the sole bidder in an auction to purchase the Bucks County-based company, which filed for bankruptcy last September. The company had previously filed for bankruptcy in 2009. CEO John Paton cited onerous building leases and other "legacy obligations" as a factor in the most recent bankruptcy filing. Citing an article in the New Haven Register…
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The owner of The Reporter in Lansdale, The Mercury in Pottstown and The Times Herald in Norristown will be sold promptly, according to reports.
Digital First Media announced Wednesday that its subsidiary Journal Register Company is filing for Chapter 11 bankruptcy, the second time since 2009. JRC operates The Reporter in Lansdale, The Mercury in Pottstown and The Times Herald in Norristown, among other local papers. JRC filed voluntary petitions for Chapter 11 in U.S. Bankruptcy Court for the Southern District of New York and "will seek to implement a prompt sale," according to Digital First Media. Digital First Media operates MediaNews Group and Digital First Ventures. According to a press release from Digital First Media, the auction and sale would take 90 days. Digital First has reportedly signed a stalking horse bid for JRC from 21st CMH Acquisition Co., an affiliate of the …
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12:57 pm on Monday, September 17, 2012
The Times Herald was purchased by Journal Register when Owner Peter Strassburger died back in the early 90's. The TIme Herald was an evening newspaper because we could not compete with the Inquirer in the morning. But Journal Register said that people don't read evening newspapers and that's when the subscriber's jumped ship. The TIme Herald I believe was the 2nd oldest newspaper in the country … more ›
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