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Comments to date: 11. This is page 1 of 1.  | Mondo Stars editors Boulder, Colorado USA | Posted at 4:03pm on Thursday, September 1, 2011 | Journal Register Company Sold to Alden Global Capital
Journal Register Company, a newspaper publisher with operations concentrated in Connecticut, Michigan, and Pennsylvania, has been acquired by Alden Global Capital, a hedge fund based in New York City. The Journal Register Company made the announcement on July 14, 2011.
Alden Global Capital has become a major investor in troubled newspaper companies across the United States, including MediaNews Group and Philadelphia Media Network, Inc., which owns the Philadelphia Inquirer and Philadelphia Daily News. Alden also has a significant investment in Tribune Company, the financial disaster produced by Sam Zell.
Journal Register CEO John Paton will keep his job under the new owners. Paton said "While we clearly have more work to do, our strategy is fast becoming a model for the future of journalism that can properly serve local communities and be economically self-sustaining and profitable. With Alden’s support of our Digital First strategy we look forward to expanding our Company going forward."
The Journal Register Company has struggled financially for years, and shut down many of its small newspapers prior to filing for bankruptcy protection in February of 2009. After emerging from bankruptcy in August 2009, the company has focused on its online services and digital audience. In the past year, the company says it has grown its digital revenues approximately 70% (Q1/2011), which is about seven times greater than the newspaper industry average in the first quarter of 2011.
The company describes its "Digital First" strategy as "developing innovative, cost-effective methods for creating, distributing and monetizing content on multiple platforms while reducing legacy costs tied to print."
Alden says that all Journal Register Company lenders have been paid in full as well receiving the equity consideration paid by Alden. The transaction was unanimously approved by the Journal Register Company’s board of directors.
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Media Owners editors Boulder Colorado USA | Posted at 10:11am on Wednesday, March 30, 2011 | -- March 30, 2011 -- Jim Brady will lead a digital transition across all of the newsrooms and platforms at Journal Register Company. He was previously founder and general manager TBD. The web site eventually folded following Brady's departure.
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Navy Quakertown, USA | Posted at 9:30pm on Sunday, October 3, 2010 | Why is it that we go over to Iraq and Afganistan, we protect the United States from threats both foreign and domestic but police officers pull up to a burger king and get 50% discount and I ask for one and they say no. I even show them my ID. Its not just burger king but almost everywhere. Lowes and Home Depot support us by giving military discount all year round and on memorial day and extra discount. What the hell is wrong with these money hungry companies. I think an article should be done on this topic.
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Media Owners editors Boulder Colorado USA | Posted at 9:01am on Thursday, September 23, 2010 | Journal Register Company Launching Hyperlocal Portal to Serve Philadelphia
-- September 22, 2010 -- Journal Register Company is launching a hyperlocal news and advertising portal serving the Philadelphia area.
Powered by Outside.in, Inc. , the yet-to-be-named portal will provide locally relevant news based on the users’ location and interests. The site will feature content from Journal Register Company newsrooms, as well as the Company’s growing number of community publishing partners – all of whom will receive additional exposure and traffic. The Company serves 299 communities in Greater Philadelphia through 134 multi-platform products and earlier this month expanded its Digital First advertising initiative by expanding its partnership with Yahoo! into Philadelphia – the nation’s fourth largest DMA.
“This launch provides an entry into Philadelphia that is in line with Journal Register Company’s Digital First business model,” said John Paton , Chief Executive Officer of Journal Register Company. “We will harness the power of the crowd, utilize cloud technologies and provide a vibrant hyperlocal news source that focuses on the audience and the individual news consumer.”
Community-based publishers and bloggers will be able to publish their content through Outside.in’s publishing system and receive the benefit of added exposure through the partnership with Journal Register Company while maintaining control of their content and their sites. This effort is the latest in the Company’s partnerships with local publishers including a partnership with GrowthSpur – which provides training to bloggers to monetize their sites – and the establishment of Community Media Labs at Journal Register Company newsrooms earlier this year.
“This site will be powered by the audience and will benefit – through traffic and revenue – those who publish their content here,” said Jonathan Cooper, Vice President of Content. “We realize the benefit of plural voices in the community. There are hundreds of sources for news about Philadelphia and we will link to those who do it the best.”
The growth of the new site will be realized through grassroots community partnerships and will focus on supporting the existing blog community rather than attempting to direct or create it. The Company will harness the voice of the community to serve the audience.
“This will be news for the audience and by the audience,” said Mr. Cooper.
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Telefone Schnurlos | Posted at 5:51pm on Friday, August 20, 2010 | the valuable advises you provided do help our team's research for our company, thanks.
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hushdevil | Posted at 11:43pm on Friday, March 12, 2010 | Do you have copy writer for so good articles? If so please give me contacts, because this really rocks! :)
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mikejohnsonrules | Posted at 11:28am on Tuesday, March 9, 2010 | Hello. My wife and I bought our house about 6 months ago. It was a foreclosure and we were able to get a great deal on it. We also took advantage of the 8K tax credit so that definitely helped. We did an extensive remodeling job and now I want to refinance to cut the term to a 20 or 15 year loan. Does anyone know any good sites for mortgage information? Thanks!
Mike
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ben bunja | Posted at 5:08am on Friday, March 5, 2010 | I keep listening to the news speak about getting free online grant applications so I have been looking around for the best site to get one.
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SONNY JOHNSON TOPEKA KANSAS | Posted at 10:46am on Thursday, January 7, 2010 | I WOULD LIKE TO KNOW HOW TO CONTACT THE MILLBROOK ROUND TABLE IN MILLBROOK NY.....THANK YOU SONNY JOHNSON
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Media Owners editors Boulder, Colorado USA | Posted at 7:28pm on Friday, August 14, 2009 | The Journal Register Company has emerged from Chapter 11 bankruptcy protection, the company announced on August 7, 2009. From the press release:
YARDLEY, PA - – Journal Register Company today announced that its pre-negotiated plan of reorganization (the “Plan”) has become effective and the Company has successfully emerged from Chapter 11 bankruptcy protection in less than six months from commencing the case. The Company has also closed on its exit financing consisting of a $150 million Tranche A Term Loan Agreement with JPMorgan Chase Bank, N.A., as administrative agent, a $75 million Tranche B Term Loan Agreement with Wells Fargo Bank, N.A., as administrative agent, and a revolving credit facility with Wachovia Bank, National Association.
“Over the last six months everyone at the Company has stayed focused on successfully reorganizing the business in order to create a strong financial base on which to build a new dynamic company that is well equipped to compete in today’s challenging economic environment. We would like to thank our employees, lenders and advisors for their hard work and many sacrifices to bring the reorganization to a successful conclusion. We would also like to thank our loyal advertisers, suppliers and subscribers for their ongoing support during this difficult process. In the future, we look forward to delivering the high quality, hyper-local content that is the hallmark of Journal Register Company through our traditional print media products and the vast new media opportunities available to the Company,” said Robert P. Conway, the Company’s interim Chief Executive Officer.
By agreement with the Company’s secured lenders, the allowed claims of the Company’s pre-petition continuing trade creditors will be paid in full in cash. In accordance with the Plan, the other unsecured creditors will be entitled to a pro rata share of a fixed dollar settlement fund based on the amount of their allowed claims. The Company is now privately held by the Company’s pre-petition secured lenders who have been issued the new common stock of the Company. The common stock of the Company that was issued pre-petition was cancelled with no distribution to the holders.
The Company has appointed a new four-member board of directors. Joining the Board as Chairman is Joseph A. Ripp, the former Chief Financial Officer for Time Warner, Inc. and Vice Chairman of America Online Inc., Michael Diament, a former portfolio manager for Q Investments, Peter H. Glusker, the Head of Business Development and International Operations for Gilt Groupe Inc. and John Paton, the Chairman and Chief Executive Officer of impreMedia, LLC. “We are pleased to welcome these accomplished individuals to the Board and we anticipate that their diverse new media and traditional media backgrounds will be a tremendous asset to the Company,” said Mr. Conway.
The Company filed its voluntary Chapter 11 petitions in the United States Bankruptcy Court for the Southern District of New York on February 21, 2009. Additional information about the Company’s restructuring is available at the Company’s website.
For access to Court documents and other general information, visit chapter11.epiqsystems.com/journalregister.
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Eric Kallgren Boulder, Colorado USA | Posted at 4:33pm on Monday, February 23, 2009 | February 21, 2009: The Journal Register Company filed for Chapter 11 bankruptcy protection. From the company press release:
Yardley, PA, February 21, 2009 – Journal Register Company (the “Company”) (PINKSHEETS: JRCO) today announced that the Company and its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York to implement a pre-negotiated plan of reorganization (the “Plan”) with certain of its secured lenders designed to substantially reduce the Company’s debt. The Company intends to continue to operate as usual, and does not anticipate any business interruption during the restructuring.
On February 19, 2009, the Company entered into a Plan Support Agreement with JPMorgan Chase Bank, N.A. and 26 of the 37 lenders party to the Company’s Amended and Restated Credit Agreement dated as of January 25, 2006 (as amended, the “Credit Agreement”), which hold approximately 77% of the aggregate principal amount of the indebtedness outstanding under the Credit Agreement. Each of the parties to the Plan Support Agreement have agreed to vote in favor of the Plan on terms and conditions set forth in the Term Sheet that is attached to the Plan Support Agreement.
The Company’s Chairman and Chief Executive Officer James W. Hall said, “Journal Register Company has taken numerous steps to reduce its debt and strengthen its balance sheet through the divestiture of unprofitable newspapers, headcount reductions and various other means. However, due to the numerous challenges facing the newspaper industry and the overall economic downturn, our board of directors has decided, after careful consideration of all available alternatives, that a Chapter 11 filing was a necessary and best course of action for Journal Register Company. We intend to emerge from the Chapter 11 process stronger, leaner and more financially viable in the current environment. We are also pleased to have the support of our lenders in restructuring our debt obligations. Our business will continue its normal operations and we will publish content as usual throughout this process.”
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