A. H. Belo Corporation Announces Sale of Property
May 17 2019 - 5:00PM
A. H. Belo Corporation (NYSE: AHC) announced today that it has sold
the former campus of The Dallas Morning News in
downtown Dallas to Charter DMN Holdings, LP for a purchase price of
$28 million. The purchase price comprises $5.6 million in
cash paid at closing today and a two-year seller-financed
promissory note of $22.4 million. The promissory note bears
interest payable in quarterly installments beginning July 1, 2019,
continuing through its maturity on June 30, 2021, and includes a
pre-payment feature. Taking into consideration the interest on the
note and the elimination of carrying costs for the Company, the
total realizable value of the transaction is approximately
$31.6 million over two years.
The sale was structured as a sign-and-close transaction. Charter
Holdings is a Dallas-based real estate entity owned by Ray W.
Washburne, a successful entrepreneur and commercial real estate
developer who most recently was president of the U.S. government’s
Overseas Private Investment Corporation.
Robert W. Decherd, A. H. Belo’s Chief Executive Officer, said,
“We are very pleased to conclude the sale process related to the
508 Young Street campus, and consider Charter DMN Holdings to be an
outstanding owner and future developer of this important site that
was the Company’s home for almost 60 years.”
About A.
H. Belo
Corporation
A. H. Belo Corporation is the leading local news and information
publishing company in Texas with commercial printing, distribution
and direct mail capabilities, as well as a presence in emerging
media and digital marketing. While focusing on extending the
Company’s media platforms, A. H. Belo delivers news and information
in innovative ways to a broad range of audiences with diverse
interests and lifestyles. For additional information, visit
www.ahbelo.com or email invest@ahbelo.com.
Statements in this communication concerning A. H. Belo
Corporation’s business outlook or future economic performance,
anticipated profitability, revenues, expenses, dividends, capital
expenditures, investments, dispositions, impairments, business
initiatives, acquisitions, pension plan contributions and
obligations, real estate sales, working capital, future financings
and other financial and non-financial items that are not historical
facts, are “forward-looking statements” as the term is defined
under applicable federal securities laws. Forward-looking
statements are subject to risks, uncertainties and other factors
that could cause actual results to differ materially from those
statements. Such risks, trends and uncertainties are, in most
instances, beyond the Company’s control, and include changes in
advertising demand and other economic conditions; consumers’
tastes; newsprint prices; program costs; labor relations;
technology obsolescence; as well as other risks described in the
Company’s Annual Report on Form 10-K and in the Company’s other
public disclosures and filings with the Securities and Exchange
Commission. Forward-looking statements, which are as of the date of
this filing, are not updated to reflect events or circumstances
after the date of the statement.
Contact:Katy Murray214-977-8869
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