Digital First Media, which operates MediaNews Group, Journal Register Company and Digital First Ventures, announced that Journal Register Company has signed a stalking-horse purchase agreement with 21st CMH Acquisition Co., an affiliate of funds managed by Alden Global Capital LLC.
“This agreement allows the formal commencement of the sale process and is a big step toward creating a new and viable company,” said John Paton, CEO of Digital First Media.
The asset purchase agreement was filed in U.S. Bankruptcy Court for the Southern District of New York, which will review the contract as well as bid procedures. The court will then initiate the sales process, including a public auction.
Digital First Media is headquartered in New York City, and jointly manages MediaNews Group and Journal Register Company. Digital First Media reaches 61.5 million Americans each month through more than 800 multi-platform products across 18 states.
Journal Register Company is a provider in local news and information in ten states.
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