A U.S. bankruptcy court judge has OKed the sale of some weekly business newspapers and business magazines owned by Ohio-based Brown Publishing to a new company formed by some of its executives.
Frank Eltman of the Associated Press reports, “Edward Fox, an attorney who represented Brown Publishing, said he was pleased with the judge’s ruling, which he claimed would save 800 jobs. ‘We’re very happy that business will continue,’ Fox said.
“Thomas Clark Carlson, an investment banker appointed to oversee the sale, echoed the attorney’s comments.
“‘I’m pleased the court gave its approval,’ he said moments after the judge made the ruling late Thursday afternoon. ‘We’re happy to be going forward with the sale.’
“Brown Media Holdings Co. and Brown Publishing Co. filed for Chapter 11 bankruptcy relief in May. Newspapers, which get the bulk of their revenue from advertisements, have been struggling in the economic recession and from reliance by news consumers on websites and other nonprint resources. Brown is the latest of several publishers that filed for bankruptcy protection.”
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The company owns the Des Moines Business Record in Iowa, the Fort Worth Business Press in Texas and the Boulder County Business Report in Colorado and a majority ownership of the Northern Colorado Business Report in Fort Collins, and the Wyoming Business Report in Cheyenne.
It also owns the Charleston Regional Business Journal, the Columbia Regional Business Report, SC Biz and GSA Business, all in South Carolina. It also owns Utah Business magazine.
