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Article: Firm offers $25M for slimmer Journal Register Co.
- Article from:
- Crain's Detroit Business
- Article date:
- May 19, 2008
CopyrightCOPYRIGHT 2008 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Bill Shea
The financially strapped parent company of The Oakland Press in Pontiac and The Macomb Daily of Mt. Clemens could begin selling some of its newspapers.
Suburban Cleveland investor Richard Barone, chairman of investment firm Ancora Capital Inc., has offered Yardley, Pa.-based Journal Register Co. at least $25 million, but the deal hinges on reducing the size of the company.
Barone owns about 5 percent of Journal Register. He told Crain's Cleveland Business recently "A number of publications will need to be sold.'' Barone, who said he envisions a company half its current size, and the Journal Register have yet to work ...