Freedom Communications Announces Sale Of Its Texas Newspapers to AIM Media Texas, LLC
IRVINE, CA, May 18, 2012 – Freedom Communications announced today that it has reached agreement to sell its Texas print and online newspaper publishing assets, The Brownsville Herald, El Nuevo Heraldo, The Harlingen Valley Morning Star, The Monitor in McAllen, The Odessa American and The Mid Valley Town Crier in Weslaco, to AIM Media Texas, LLC.
Terms of the transaction, which is expected to close within the next 30 days, were not disclosed. In conjunction with the transaction, AIM announced that all Freedom employees at these publications in Texas will continue in their respective jobs and positions with the new company.
“The attractiveness of these properties is entirely due to their strong performance and the hard work of their associates,” said Freedom CEO Mitch Stern. “The sale furthers our goal of providing value to our shareholders while at the same time increasing the financial strength of Freedom”.
“The papers will be in good hands. The leadership of AIM Media Texas has an intimate understanding of the Texas media landscape and is acutely aware of the key role newspapers play in the lives of the communities they serve,” said Mark McEachen, Freedom EVP, COO and CFO. “They share our view that a newspaper must be strong in its dedication to localism by providing accurate and timely information and by serving as an active steward of the values of the community.”
“Freedom Communications is one of the most respected and admired publishing organizations in the United States,” said Jeremy L. Halbreich, Chairman and CEO of AIM and the former Chairman and CEO of Sun-Times Media LLC, former Founder, Chairman, President and CEO of American Consolidated Media, and former President and General Manager of The Dallas Morning News. “I have had the pleasure and good fortune of knowing many of the family members, Board members and senior executives at Freedom and so we are very flattered to have this opportunity to become directly involved with these important, high-quality, local journalism organizations,” he added.
About Freedom Communications
Freedom Communications, headquartered in Irvine, Calif., is a national privately owned information and entertainment company of print publications and interactive businesses. The Company’s print portfolio includes approximately 100 publications, including 24 daily newspapers, weekly newspapers, plus ancillary magazines and other specialty publications. The Company’s news, information and entertainment websites and mobile applications complement its print properties. For more information, visit www.freedom.com.
About AIM Media Texas, LLC
AIM Media Texas is an acquisition entity formed by Halbreich for the purpose of purchasing the print and online publishing assets in Texas from Freedom Communications. The new operating company’s headquarters will be in McAllen, Tex., and it will be managed by AIM Media Texas Management of Dallas, Tex. where Halbreich serves as Chairman and CEO and William R. (“Rick”) Starks serves as President and COO.