Times-Shamrock Announces the Sale of Four Alternative Newspapers to Euclid Media
SCRANTON, PA - December 23, 2013 - Times-Shamrock announced today that it has sold the Cleveland Scene, the Orlando Weekly, the San Antonio Current, and Detroit Metro Times to Euclid Media of Twinsburg, Ohio. No terms of the sale were disclosed.
Dirks, Van Essen & Murray, a media merger and acquisition firm based in Santa Fe, New Mexico represented Times-Shamrock in the sale.
In August of this year Times-Shamrock announced plans to diversify its media holdings as part of a strategy to invest in its core market in Northeast Pennsylvania and invest in non-core businesses. The 118-year old family-owned business, headquartered in Scranton, Pennsylvania, owns several newspapers in Pennsylvania, Virginia and the U.S. Virgin Islands and radio stations in Pennsylvania and four other states.
Euclid Media is a newly formed media company based in Cleveland, Ohio. The company is led by Andrew Zelman along with veteran media executives Chris Keating of Shaker Heights, Ohio and Michael Wagner of San Antonio, Texas. Keating and Wagner had been two of the publishers operating properties for Times-Shamrock.
Andrew Zelman said, “I am excited about the opportunity to work with Chris and Michael and about the prospects of growing the business and serving our markets for a long time. These publications and websites all play a prominent role in the communities they serve and we are planning to continue that tradition.”
Scott Lynett said on behalf of Times-Shamrock, “All these papers have been strong profitable investments for us for many years. We have enjoyed operating in these diverse markets and the decision to sell was very difficult. We’d like to thank our wonderful employees and feel confident that Euclid Media will be an excellent owner.”