Alden Global Capital has acquired the Journal Register Co., which publishes the New Haven Register and the Oakland Press. Financial terms weren’t disclosed. In February 2009, the Journal Register filed for Chapter 11 bankruptcy protection and emerged later that year. Alden was reportedly one of the Journal Register’s investors.
Journal Register Company, a leading multi-media company in local news and information, announced today that Alden Global Capital (“Alden”) has purchased the Company.
“This is a great vote of confidence from Alden in our strategy and the work of our employees who I want to personally thank for their efforts during this turnaround. While we clearly have more work to do, our strategy is fast becoming a model for the future of journalism that can properly serve local communities and be economically self-sustaining and profitable,” said John Paton, Journal Register Company’s Chief Executive Officer. “With Alden’s support of our Digital First strategy we look forward to expanding our Company going forward.”
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.
The Company’s Digital First strategy, which is centered on developing innovative, cost-effective methods for creating, distributing and monetizing content on multiple platforms while reducing legacy costs tied to print, turned the company from bankrupt in 2009 to an EBITDA of $41 million in 2010. While details of the transaction were not disclosed, all lenders have been paid in full (all principal and interest) as well receiving the equity consideration paid by Alden. The transaction was unanimously approved by the Journal Register Company’s Board of Directors.
About Journal Register Company
Journal Register Company is a leader in local news and information in 10 states. The Company’s more than 350 multi-platform products reach an audience of 19.5 million people each month. For more information visit the company website at www.JournalRegister.com.