A.H. Belo says its sale of the Press-Enterprise to Freedom has still not closed
DALLAS, Texas – November 18, 2013 — A. H. Belo Corporation announced today that the sale of substantially all of the assets comprising the newspaper operations of The Press-Enterprise to Freedom Communications Holdings, Inc. (Freedom) has not yet closed as of the time of this announcement. A. H. Belo and the Press-Enterprise Company are pursuing multiple options to promptly consummate the disposition. The options include (1) closing with Freedom pursuant to the terms of the Asset Purchase Agreement dated October 9, 2013, as amended on October 31, 2013 (APA), (2) pursuing legal action against Freedom to enforce the terms of the APA and (3) exploring an alternative transaction with other interested parties.
Jim Moroney, Chairman, President and Chief Executive Officer, said “I want to sincerely thank all of the employees of The Press-Enterprise for their unwavering support and dedication during this process. We know we can count on this outstanding team as we continue to work toward realizing the full value of The Press-Enterprise.”