Freedom Communications completes acquisition of the (Riverside) Press-Enterprise
The owner of the Orange County Register picks up property in neighboring Riverside County
DALLAS & SANTA ANA, Calif. – November 22, 2013 — A. H. Belo Corporation (NYSE: AHC) and Freedom Communications Holdings, Inc. (Freedom) announced today that the previously announced sale of The Press-Enterprise is now complete.
Freedom acquired substantially all of the assets which comprise the newspaper operations of The Press-Enterprise located in Riverside, CA (including the production facility and related land) for $27.25 million. A. H. Belo continues to own and market for sale the land and buildings associated with a discontinued commercial printing operation in Riverside, CA. The Press-Enterprise will maintain its primary business offices in Riverside.
Jim Moroney, Chairman, President and Chief Executive Officer of A. H. Belo, said, “We are pleased the transaction has closed, and wish our colleagues in Riverside all the best as they go forward as part of Freedom Communications.”
Aaron Kushner, co-owner and Chief Executive Officer of Freedom Communications, said, “We appreciate the stewardship provided by A. H. Belo to The Press-Enterprise, an institution that plays an incredibly important role in building community and adding richness to people’s lives. Our focus moving forward will be to enhance the ways we can provide value to subscribers of The Press-Enterprise and the greater community.”