Journal Register Co. sold to investment firm Alden Global Capital
Journal Register Co.
The Journal Register Co. has been bought by one of its investors, Alden Global Capital, which has become a major player in distressed newspaper chains around the country, including MediaNews Group and Philadelphia Media Network. Journal Register CEO John Paton calls it "terrific news," saying "it also positions us well to continue to pursue our Digital First strategy and expand our Company going forward." The terms of the deal weren't disclosed, but the company said in an announcement that all debts have been paid off.
The company says in its press release:
Since emerging from bankruptcy protection in August 2009, and under the new leadership, the Journal Register Company has been transformed into an innovative, digitally focused multi-media company. It has doubled its digital audience in the past year and is growing its digital revenues at approximately 70% (Q1/11), which is about seven times greater than the newspaper industry average in the first quarter of 2011.
More on Alden:
- "Alden is the outfit with the most skin in the game," concludes Nieman Journalism Lab's Martin Langeveld after noting the company's investments in newspaper chains around the country.
- Hedge fund quietly invests in distressed media firms.
- How Alden Global Capital has become a major player in the media business
Related: CJR's Lauren Kirchner looks at Paton's "radical makeover of JRC’s previous image as an old-fashioned, bottom-of-the-barrel corporate chain."
Earlier: Rick Edmonds describes how another investment firm, Angelo, Gordon & Co., has bought into newspaper companies on the rocks.