Subject to court approval, Tribune will pay $56 million for the Register and The Press-Enterprise.
SANTA ANA, CA – Tribune Publishing Co. announced today that its subsidiary, Orange County Media, LLC, was the successful bidder at a public bankruptcy auction to acquire substantially all of the assets of Freedom Communications Inc., owner of The Orange County Register and The Press- Enterprise in Riverside. Under the terms of the bid, Chicago-based Tribune Publishing has agreed to pay $56 million in cash for Freedom Communications and its real estate in Santa Ana and Riverside, Tribune said in a statement.
Tribune Publishing’s successful bid is subject to Bankruptcy Court approval at a hearing scheduled for March 21, 2016. The transaction is subject to customary closing conditions.
“The successful bid for the business of Freedom Communications will allow the Orange County Register and the Press-Enterprise to continue providing a distinct local voice in their communities and deliver premium news and information to consumers across Southern California,” said Tribune Publishing CEO Justin Dearborn.
Tribune also owns the Los Angeles Times and San Diego Union-Tribune. The Register reported earlier this week that the U.S. Justice Department has told Freedom Communications it sees serious antitrust issues with Tribune’s bid for the Register and Press-Enterprise, and that it would take action to keep any merger from hurting local newspaper readers and advertisers.
More from Cerritos-Artesia Patch
In a letter to Alan Friedman, Freedom’s bankruptcy attorney, Justice Department attorneys provided “our current assessment from a competition perspective.
“We wish to inform you that, based on our review to date, the division believes the acquisition of the Freedom assets by Tribune poses a serious risk of harming newspaper readers and advertisers in Orange County and Riverside County,” wrote William Baer, assistant attorney general in charge of the antitrust division, according to the Register.
“If Freedom selects Tribune as its purchaser, the division will exercise its antitrust law enforcement responsibilities to ensure that the transaction does not deprive newspaper readers and advertisers in these areas of the benefits of competition.”
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Socal Newspapers had always had negative connotations by the public.
Remember back when the Los Angeles Times And The Herald Examiner were drawing swords. Then came the southeast newspaper in the Downey area, lot of shenanigans, mixed with the LA Times and the Register. WSJ sought distribution here and was fought off by local publishers.
Now look, many immigrants newspapers are #1 choice to subscribers by the immigrants, over recognized news media.
Enjoy the OCR and the OCR live news channel on cable. When Verizon leaves Cerritos on 4/1/2016, will Frontiers Communication carry OCR channel?
Too bad the Register can not stay independent of the LA times, we need a good newspaper reporting about Orange County only news.
Also Long Beach Press-Telegram has had a lot of issues with the Daily Breeze, I believe now they’re one in the same, but both papers both paid subscriptions have grossly gone down. Too bad Los Angeles and Orange counties are such vast areas, there can’t be more independent newspapers.
Will say the Long Beach Gazzette, has done a good job of reporting local beachfront news.
Enjoy all the online versions over the delivered print , you can read about happenings in a city hour by hour. If the newspaper has on- line lock out, PC users can google the search for free and read.
All PC users must save the newspaper apps or icons, sort and save on the bottom of the monitor screes, so accessible in second. Makes reading touch of app.
LCCN has gone long way since conception. 100% delivery to all of the homes. Wish it coverage-delivery to: La Palma, Cypress and Roosmoor-Los Alamitos too. Addition of Colored print, really is joy on eye to read and visualize. LCCN has great Facebook presence too,
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