Report says GateHouse to buy The Providence Journal from Belo
Haging recently emerged from bankruptcy, GateHouse Media is apparently sound enough to take on a big acquisition: The Providence Journal from A.H. Belo. The newspaper property has been on the market since the start of the year.
According to a report on GoLocalProv, the deal will be between $50 million and $60 million.
The deal was made possible when GateHouse was able to unshackle itself from around $1 billion in debt through bankruptcy and through aggressive cost cutting. Whether this is all part of the usual private equity games, or whether they really plan on continuing to own these properties will be discovered soon enough.