Press Releases

Heartland Publications LLC Acquires Richmond County (NC) Daily Journal and Two Weeklies

OLD SAYBROOK, CT, August 31, 2006 - Heartland Publications LLC today announced the purchase of the Richmond County Daily Journal in Rockingham, North Carolina and two weekly newspapers from Community Newspapers Inc. of Athens, Georgia. Terms of the transaction were not disclosed.

The Richmond County Daily Journal has circulation of 8,011. The two weeklies included in the sale are the Cheraw (SC) Chronicle, with circulation of 6,350 and the Wadesboro (NC) Anson Record, with circulation of 4,948.

Dirks, Van Essen & Murray, a newspaper merger-and-acquisition firm based in Santa Fe, New Mexico, represented Community Newspapers Inc. in the transaction.

Michael Bush, Heartland’s president, said, “We are very excited to have these fine newspapers join our expanding family of community newspapers. Community Newspapers has been a great steward of these newspapers. They have built a great tradition of quality journalism and leadership in their communities. We will build upon their accomplishments and continue to move these newspapers ahead.”

Bush said Heartland plans on growing the company through a program of strategic acquisitions.

“Rockingham is in an area of the country we know well and in which we have already established ourselves with several newspapers,” he said.

CNI Chairman Tom Wood said, “These three newspapers have demonstrated their commitment to the communities they serve and earned the respect of the readers who depend on them for daily information about the community. I am sure they will continue with that tradition under the fine leadership of Heartland Publications.”

Heartland Publications LLC, based in Old Saybrook, CT, owns and operates 26 paid daily and weekly newspapers in North Carolina, Kentucky, Oklahoma, Tennessee, Ohio and West Virginia. The company’s owners are The Wicks Group of Companies and Wachovia Capital Partners.

The Wicks Group of Companies is a New York-based private equity firm focused on selected segments of the communications, information and media industries. Wachovia Capital Partners, based in Charlotte, NC, is the principal investing arm of Wachovia Corp.