Freedom Communications Announces Sale Of Clovis, NM, News Journal to Clovis Media Inc.
IRVINE, CA, JAN. 31, 2012 – Freedom Communications announced today that it has reached agreement to sell the Clovis, NM, News Journal and its associated publications, including the Portales News-Tribune and Tucumcari's Quay County Sun to Clovis Media Inc.
It is expected that the transaction, terms of which were not disclosed, will close before the end of February. All employees will transition to the new ownership.
"This transaction furthers our goal of providing value for our shareholders while at the same time adding to the Company’s financial strength," said Freedom Chief Executive Officer Mitch Stern. "It also serves to optimize the geographical alignment of our properties, giving us greater abilities to create efficiencies."
He added: “The leadership of Clovis Media is keenly aware of the important role that newspapers play in their communities and shares our view that a newspaper must be strong in its commitment to providing the community with accurate and timely information and serving as an active steward of the values of the community."
"We are extremely excited to be in New Mexico and associated with such wonderful papers," said Gary Stevenson, a principal in Clovis Media Inc. along with his wife Sue and Garry Ellis. "We look forward to continue serving our communities with quality and integrity."
About Freedom Communications
Freedom Communications, headquartered in Irvine, Calif., is a national privately owned information and entertainment company of print publications, broadcast television stations and interactive businesses. The company's print portfolio includes more than 100 publications, including 26 daily newspapers, weekly newspapers, magazines and other specialty publications. The broadcast stations – five CBS, two ABC network affiliates and one CW affiliate – reach more than 3 million households across the country. Freedom's news, information and entertainment websites and mobile applications complement its print and broadcast properties.