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Pa.-based Journal Register to be auctioned in 2013
Thursday - 12/20/2012, 6:45pm EST
PHILADELPHIA (AP) - The Journal Register Co. will be sold at auction early next year, the company announced Thursday.
A bankruptcy judge in New York approved the process by which the media company will be sold, with an auction to conclude by Feb. 15 and the winning bidder to be revealed Feb. 21.
Journal Register filed for bankruptcy protection in September for the second time in three years and hopes to reduce pensions and other costs through a quick sale of the media company's assets.
The company, based in Yardley, has 18 newspapers and other media properties in 10 states, including the New Haven Register in Connecticut, The Oakland Press in Pontiac, Mich., and The Daily Local News in West Chester.
A company called Digital First Media currently operates Journal Register along with MediaNews Group.
Digital First said a bid was filed by 21st CMH Acquisition Co., an affiliate of funds managed by Alden Global Capital LLC.
Alden, a New York hedge fund, acquired Journal Register last year. Alden has been investing in distress sales of various newspaper and media concerns, including Philadelphia Newspapers, in recent years.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)