Wednesday, March 24, 2010

Judge Approves $20 Million Sale of Daytona Beach News-Journal

A federal judge today approved the $20 million sale of the Daytona Beach (Fla.) News-Journal.

Ludmilla Lelis of the Orlando Sentinel reports:

U.S. District Court Judge John Antoon II said he had little choice but to approve the pending offer from Halifax Media Acquisition LLC, not knowing whether the newspaper could fetch a better price if the sale were delayed.

"I'd like to wait and hope that things will change but I'm in no position to speculate," said Antoon in court today.

The pending sale must be closed by March 31, according to the bank's lending requirements. The new owner of the newspaper is a company which includes Michael Redding, CEO of HarborPoint Media, owner of four publications, including The Daily Commercial in Leesburg; and members of a ... Little Rock, Ark., private-equity firm under financier Warren Stephens.

The newspaper sale would close out a lengthy legal battle between the paper and its minority shareholder, Cox Enterprises of Atlanta. In the end, the Davidson family lost control of the newspaper which it had owned and operated for decades.

There was no word concerning possible layoffs with the new ownership.

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