Owner of biz weeklies has two bidders for assets

Brown Publishing Co., the Ohio company that owns business newspapers and magazines throughout the country, has two bidders for its assets in its Chapter 11 bankruptcy reorganization, reports Bloomberg News.

Don Jeffrey writes, “Brown Media Corp., controlled by the debtor’s top three executives, offered $22.4 million in cash plus the assumption of liabilities for most of the assets, including Dan’s, according to documents filed today in U.S. Bankruptcy Court in Central Islip, New York.

“The Delphos Herald, which owns publications in Ohio, agreed to buy newspapers and websites in that state for $3.59 million plus the assumption of liabilities, the filing said.

“Brown, based in Cincinnati, filed for Chapter 11 creditor protection in April after a ‘significant decrease’ in advertising sales.

“A sale hearing is scheduled for today in Central Islip. The auction of the assets took place July 19 and 20 at the offices of K&L Gates LLP in New York.”

Read more here.

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.