Sale of The Press-Enterprise Has Not Yet Closed
November 18 2013 - 5:46PM
Business Wire
A. H. Belo Corporation (NYSE: AHC) announced today that the sale
of substantially all of the assets comprising the newspaper
operations of The Press-Enterprise to Freedom Communications
Holdings, Inc. (Freedom) has not yet closed as of the time of this
announcement. A. H. Belo and the Press-Enterprise Company are
pursuing multiple options to promptly consummate the disposition.
The options include (1) closing with Freedom pursuant to the terms
of the Asset Purchase Agreement dated October 9, 2013, as amended
on October 31, 2013 (APA), (2) pursuing legal action against
Freedom to enforce the terms of the APA and (3) exploring an
alternative transaction with other interested parties.
Jim Moroney, Chairman, President and Chief Executive Officer,
said “I want to sincerely thank all of the employees of The
Press-Enterprise for their unwavering support and dedication during
this process. We know we can count on this outstanding team as we
continue to work toward realizing the full value of The
Press-Enterprise.”
About A. H. Belo
Corporation
A. H. Belo Corporation (NYSE: AHC), headquartered in Dallas,
Texas, is a distinguished newspaper publishing and local news and
information company that owns and operates four daily
newspapers and related websites. A. H. Belo
publishes The Dallas Morning News, Texas’
leading newspaper and winner of nine Pulitzer Prizes; The
Providence Journal, the oldest continuously-published daily
newspaper in the United States and winner of four Pulitzer Prizes;
The Press-Enterprise (Riverside, CA), serving the Inland
Southern California region and winner of one Pulitzer Prize; and
the Denton Record-Chronicle. The Company publishes various niche
publications targeting specific audiences, and its investments
include Classified Ventures, owner of Cars.com, and Wanderful
Media, owner of Find&Save. A. H. Belo offers digital
marketing solutions through 508 Digital and Speakeasy and
also owns and operates commercial printing, distribution and
direct mail service businesses. Additional information is available
at www.ahbelo.com or by contacting Alison K. Engel,
Senior Vice President/Chief Financial Officer,
at 214-977-2248.
A. H. Belo CorporationAlison K. Engel, 214-977-2248Senior Vice
President/Chief Financial Officerwww.ahbelo.com
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