News-Gazette Media closes on sale deal
The sale of News-Gazette and its related broadcast operations in central Illinois has closed. The approvals have come from the U.S. Bankruptcy Court and regulatory agencies, according to reports.
The operations, owned by News-Gazette Media, were acquired by family-owned Champaign Multi Media Group LLC, an affiliate company of Community Media Group. Dirks, Van Essen, Murray & April, a media merger and acquisition firm based in Santa Fe, New Mexico, represented News-Gazette Media in the transaction.
The acquisition includes the 23,000-circulation daily and three radio stations serving the Champaign-Urbana, Danville and East Central Illinois areas. The acquisition also included weekly newspapers, free distribution shoppers and digital web sites located in Paxton, Gibson City, Rantoul, Piatt County and Vermilion County.
Paul Barrett was named executive vice president and publisher of the media operation.
“Champaign-Urbana is the most exciting market in the state of Illinois,” Barrett, said. “With a thriving business community, first-class university and an undercurrent of entrepreneurial success, Champaign-Urbana will benefit from strong, innovative media leadership.”
News-Gazette Media had filed voluntary petitions for relief under Chapter 11 of the U.S. bankruptcy code in August.