Judge OKs sale of Ohio-based newspaper chain
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Associated Press - July 29, 2010 6:34 PM ET
CENTRAL ISLIP, N.Y. (AP) - A judge has approved the sale of Ohio-based newspaper chain Brown Publishing Co. to a group of company insiders.
U.S. Bankruptcy Court Judge Dorothy Eisenberg ruled Thursday that a newly formed Brown Media Corp., led by Roy Brown - the current president and CEO - could purchase the majority of the chain for $22.4 million.
She also approved the purchase of 2 of Brown's Ohio dailies, the Van Wert Times and the Ada Herald, for $3.6 million to a bidder from the Delphos Herald, Inc.
The sale involves company assets in Ohio, New York, Texas, South Carolina, Illinois, Iowa, Colorado, Utah, Arizona and Wyoming. Among the publications is Dan's Papers, a popular Hamptons-based weekly on Long Island.
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