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January 26, 2007
Journal Register sells its R.I. newspapers
YARDLEY, Penn. -- The Journal Register Co. announced today that it has signed a definitive agreement to sell its three daily community newspapers and its weekly newspaper group in Rhode Island to R.I.S.N. Operations Inc. for $7.6 million in cash, subject to a review of the newspapers’ finances.
Included in the sale are The Call in Woonsocket, The Times in Pawtucket and Kent County Daily Times in West Warwick and the Journal Register’s weekly group, the Southern Rhode Island Newspaper Group, in Wakefield.
The transaction is expected to close in the first quarter of 2007 and is subject to customary closing conditions.
The chairman and chief executive officer of Journal Register Co., Robert M. Jelenic, said: “We thank all of our talented employees at our Rhode Island newspapers for their contributions over the years and wish them all well.”
The company, battered by a plummeting stock price, announced last August that it was exploring a sale of its Rhode Island and Massachusetts newspapers.
Last month, the company announced it was selling its seven southeastern Massachusetts newspapers to GateHouse Media for $70 million in cash. Those papers included The Herald News of Fall River and the Taunton Daily Gazette, as well as three weekly newspapers and two shopper publications.
Journal Register Co. owns 27 daily newspapers and 368 nondaily publications. The company currently operates 239 individual Web sites affiliated with the company’s daily newspapers, nondaily publications and its network of employment Web sites.
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