Quincy (IL) Herald-Whig And Hannibal (MO) Courier Post Sold to Phillips Media Group, LLC
Quincy, IL - February 14, 2021 - The Quincy (IL) Herald-Whig and Hannibal (MO) Courier Post have been sold to Phillips Media Group, LLC, headquartered in Arkansas. The sale is expected to close with Phillips becoming the new owner on March 1, 2021.
The announcement was made by Ralph M. Oakley, president and CEO of Quincy Media, Inc., and Jim Holland, president of Phillips Media Group. Quincy Media has owned and published the Herald-Whig for almost 95 years. The Hannibal Courier Post was purchased in 2019.
Dirks, Van Essen & April, a media merger and acquisition firm based in Santa Fe, NM represented Quincy Media in the transaction. No terms of the transaction were announced.
“The newspaper business is changing dramatically,” said Ralph M. Oakley, president and CEO of Quincy Media. “That, along with our decision to leave the media business entirely is the driving force in this decision”.
Quincy Media announced recently the sale of its television and radio stations, including WGEM AM-FM-TV to Gray Television. That sale, subject to federal regulatory approval, is expected to be complete in the second or third quarter of 2021.
“While it was certainly a difficult decision for us, we are very pleased to sell these important newspapers to a longtime publisher such as Phillips Media. It is a great outcome for our region and for the employees who will continue on with Phillips,” said Oakley.
Ron Wallace, who has served as vice president and publisher of the Herald-Whig since 2013 will continue in that role.
“We appreciate the trust that the Oakley and Lindsay families have placed in us as the group to continue covering the news and community milestones for the subscribers of the Herald-Whig and Courier Post,” said Jim Holland, president of Phillips Media Group.
Quincy Media began as Quincy Newspapers, Inc. in 1926, with the merger of The Quincy Herald and Quincy Whig-Journal. That merger brought together the Oakley and Lindsay families, whose descendants continue to be involved in ownership, board service or working in the company to this day.
“While it is the conclusion of our two families’ involvement, the Herald-Whig and Courier Post will continue on as important providers of news and community service for the entire region,” said Oakley.