Champion sells Huntington (W.Va) paper at $66 million loss

Evil ... Thy name is Orville Redenbacher!! · Jun 26, 2013

This can NOT be a good sign for the state of newspapers.

Yes, Champion waaay overpaid, but damn ...

CHARLESTON, W.Va. -- Champion Industries plans to sell the Huntington Herald-Dispatch newspaper for $10 million, according to a filing with the U.S. Securities and Exchange Commission. The company bought the Herald-Dispatch for $77 million in 2007.
Marshall Reynolds, chairman and CEO of Champion, plans to sell the company to his son, Doug Reynolds, according to the June 21 filing with the SEC.
Doug Reynolds, a Democratic member of the House of Delegates from Cabell County, has already put down $2 million in escrow. He will pay $10 million cash for the newspaper and assume all debts, a letter of intent filed with the SEC on June 18 states.
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Champion sells Huntington (W.Va) paper at $66 million loss

Evil ... Thy name is Orville Redenbacher!! Well-Known Member

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Champion sells Huntington (W.Va) paper at $66 million loss

Evil ... Thy name is Orville Redenbacher!! Well-Known Member

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