Skye Media to Buy Equity Position in Suburban DC and Richmond Papers
NEW YORK, NY, JANUARY 22, 2004 - Skye Media Inc., has announced it will take an equity position in the free dailies, Northern Virginia Journal, Montgomery (MD) Journal, and Prince George’s (MD) Journal, and free weeklies including Sun Gazette covering three zones in Northern Virginia, and Central Virginia Gazette and Mechanicville (VA) Local, both covering suburban Richmond. Skye Media is headed by James McDonald. The newspapers holding company will be renamed Skye Media Inc. and all papers will keep their current name. Details of the transaction were not disclosed.
Dirks, Van Essen & Murray, a newspaper merger-and-acquisition firm in Santa Fe, New Mexico, initiated the formation of the new capital structure of Skye Media Inc.
McDonald until recently was publisher at Philadelphia Metro, the country’s first free major market daily. He now works as an executive in Metro’s corporate office in New York. McDonald will assume the role of president and group publisher. He will leave Metro to run Skye Media in February.
“The Journal covers some of the most affluent suburbs of the country. We plan on improving the product to grow readership, which I believe, will be followed by revenue growth,” McDonald said. "When you add the synergy of the free weeklies, I see a number of unique opportunities,” McDonald added.
Skye Media investors include the current owners of the papers, McDonald, and others. “We have a very aggressive investment group here, once we’ve put plans in place with our management team we’re very likely to look at other startup or acquisition opportunities that are a good strategic fit, which may include free dailies or weeklies,” said McDonald.
For further information contact Owen Van Essen at Dirks, Van Essen & Murray, (phone) 505-820-2700 or (fax) 505-820-2900.