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Bankruptcy judge approves sale of Reading Eagle to chain
Source: Associated Press
Bankruptcy judge approves sale of Reading Eagle to chain
By MICHAEL RUBINKAM
May 22, 2019
READING, Pa. (AP) — A federal bankruptcy judge on Wednesday approved the sale of the 150-year-old Reading Eagle to a publisher known for its aggressive cost-cutting.
MediaNews Group, better known as Digital First Media, offered $5 million for the assets of the Reading Eagle Co., which filed for bankruptcy protection in March. Chief Judge Richard E. Fehling signed off on the deal after a hearing Wednesday.
Digital First’s portfolio includes about 200 papers and other publications, including The Denver Post and the Boston Herald. Its biggest shareholder is Alden Global Capital, a New York hedge fund that invests in distressed companies.
Digital First has a reputation for buying struggling newspapers and slashing their staffs, and job cuts are widely expected at the Eagle. The Pennsylvania paper began publishing in 1868.
-snip-
By MICHAEL RUBINKAM
May 22, 2019
READING, Pa. (AP) — A federal bankruptcy judge on Wednesday approved the sale of the 150-year-old Reading Eagle to a publisher known for its aggressive cost-cutting.
MediaNews Group, better known as Digital First Media, offered $5 million for the assets of the Reading Eagle Co., which filed for bankruptcy protection in March. Chief Judge Richard E. Fehling signed off on the deal after a hearing Wednesday.
Digital First’s portfolio includes about 200 papers and other publications, including The Denver Post and the Boston Herald. Its biggest shareholder is Alden Global Capital, a New York hedge fund that invests in distressed companies.
Digital First has a reputation for buying struggling newspapers and slashing their staffs, and job cuts are widely expected at the Eagle. The Pennsylvania paper began publishing in 1868.
-snip-
Read more: https://apnews.com/ce791a4f5d72412f8a3334d3317832b3