Business & Tech
Deal to Purchase Riverside Press-Enterprise Hits Snag
A. H. Belo Corp., owner of the Press-Enterprise, said the deal had not closed as planned and its options included completing the original deal, pursuing legal action or selling to another party.
A deal under which the owner of the Orange County Register would buy The Press-Enterprise has hit a snag, with Press-Enterprise owner A. H. Belo Corp. exploring other options.
Belo announced Monday that the sale of the Press-Enterprise to Freedom Communications Holdings Inc. had not closed as scheduled and that it was "pursuing multiple options to promptly consummate the disposition."
Belo said its options include closing the original deal, pursuing legal action against Freedom, or selling to another party.
The original agreement called for sale of the Press-Enterprise for $27.25 million to Freedom, which itself was purchased by entrepreneur Aaron Kushner more than a year ago.
Belo, headquartered in Dallas, also owns The Dallas Morning News and other media properties.
"I want to sincerely thank all of the employees of The Press-Enterprise for their unwavering support and dedication during this process," said Jim Moroney, chairman, president and chief executive officer of Belo.
"We know we can count on this outstanding team as we continue to work toward realizing the full value of The Press-Enterprise."
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