American Consolidated Media Announces Agreement to Acquire Publishing Assets of Chesapeake Publishing Corporation
DALLAS, TX, NOVEMBER 27, 2007- American Consolidated Media LLC ("ACM") of Dallas, Texas announced today that it has agreed to acquire the publishing assets of Chesapeake Publishing Corporation ("Chesapeake"), publisher of 22 local publications in Maryland, Delaware and Pennsylvania, including the Star Democrat of Easton, Maryland (16,630 Daily, 17,606 Sunday) and the Cecil Whig of Elkton, Maryland (13,192 Daily). The announcement was made by Jeremy L. Halbreich, Chairman of the Board, President and CEO of ACM along with Thomas Bradlee, President and CEO of Chesapeake. The agreement announced today is expected to close in early January 2008.
American Consolidated Media is acquiring Chesapeake from Whitcom Partners ("Whitcom") of New York City, New York, representing the families of Edward Barlow and Robert Blank who, along with other previous partners, previously owned a broad range of media investments including interests in the New York Herald Tribune, International Herald Tribune, Cook-Inlet Broadcasting, Corinthian Broadcasting and Parade Magazine.
Dirks, Van Essen & Murray, a newspaper merger-and-acquisition firm based in Santa Fe, New Mexico, advised Chesapeake Publishing Corporation in the transaction.
“The markets and communities served by Chesapeake are some of the most attractive and exciting in the country and we are deeply flattered in having been given the opportunity to purchase this group of publications, “ Halbreich commented. “ACM has a broad strategy to build a newspaper company in the United States comprised of superior, high quality, local community newspapers with traditions of strong service to their local communities. The quality publications of Chesapeake, along with their management and employees, fit this pattern perfectly.”
ACM is a wholly-owned subsidiary of Macquarie Media Group ("MMG"), a publicly-traded investment vehicle listed on the Australian Stock Exchange. MMG is based in Sydney, Australia and holds a portfolio of media businesses globally including 100% interest in Macquarie Regional Radioworks, owner and operator of 87 rural and regional radio stations located throughout Australia; 60% interest in Taiwan Broadband Communications, one of three leading cable television broadcasters in Taiwan; and, 13.8% interest in Southern Cross Broadcasting, a publicly-traded company with holdings in radio and television broadcasting located in the larger cities of Australia.