Digital First Media Completes Acquisition of Two Freedom Communications Newspapers

Digital First Media Completes Acquisition of Two Freedom Communications Newspape

On Thursday, Digital First Media the parent company of Denver Post said it completed the deal of buying two of California's news papers, Orange County Register and Riverside Press-Enterprise. Those were both owned by Freedom Communications newspapers.

In a news release, executive vice president of DFM's Western Region, Sharon Ryan said "We are extremely excited to usher in a new era of stability, profitability and quality for these renowned papers. The Register and the Press-Enterprise have been longtime leaders in their regions, and as part of the DFM team, they will continue to outshine the competition."

Freedom Communications went through a bidding war with Tribune Publishing winning the bid but its deal blocked by Department of Justice's antitrust concerns which cited monopoly issues. The battle for Freedom's assets was finally won by the second highest bidder Digital First Media on March 21, with $52.3 million (including $51.8 million in cash) offer in the Santa Ana bankruptcy court.

On Wednesday, the price reduced by an added $2 million to $50.3 million, as according to a motion filed on Tuesday, "certain facts relating to the Debtors' business operations of which the parties were unaware until after the Sale Hearing."