Investor Groups Sign Agreement to Buy Daytona Beach (FL) News-Journal
DAYTONA BEACH, January 6, 2010 - News-Journal Corp., owner of the daily Daytona Beach (FL) News-Journal and related publications, has signed a definitive agreement to sell its publishing operations to two investor groups. The deal remains subject to court approval.
Dirks, Van Essen & Murray, a newspaper merger-and-acquisition firm in Santa Fe, New Mexico, represented News-Journal Corp. in the transaction.
The transaction includes the 78,600-circulation daily, a regional Pennysaver operation and two telephone books.
The acquiring companies are Halifax Media Acquisition LLC and Stephens Investments Holdings LLC. Among the investors is Stephens Capital Partners, based in Little Rock, Arkansas.
The Davidson family has controlled the News-Journal Corp. since 1928. Cox Enterprises acquired a significant minority interest in the company in 1969. The Davidson family and Cox entered into litigation in recent years that resulted in a decision to sell the publishing group. The newspaper currently is being operated under a receivership supervised by the federal courts.
The News-Journal is the principal daily newspaper in Volusia County, which includes Daytona Beach, and Flagler County to the north. Ormond Beach, Port Orange, New Smyrna Beach, Flagler Beach, DeLand and Deltona are among the other key communities.
The company’s Pennysaver group distributes nearly 300,000 copies weekly, and in some communities twice-weekly, in Volusia and Flagler counties, as well as in some surrounding areas. The Pennysaver operation also includes two annual phone books – one for Volusia and Flagler counties and one for St. Augustine.
If you have further questions contact Dirks, Van Essen & Murray at 505-820-2700.