YARDLEY, Pa. (AP) — A bankruptcy auction for Journal Register Co. has concluded and the sole bidder is affiliated with the Pennsylvania-based media conglomerate's current owner.
Journal Register will seek judicial approval of the sale to 21st CMH Acquisition Co. at a Thursday hearing in New York. 21st CMH served as the lead bidder in a recently concluded public auction that attracted no other bidders. The purchase price is around $120 million.
21st CMH Acquisition Co. is 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.
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.