June 1, 2012
PRESS RELEASE ***Updated
DAYTONA BEACH, FL, June 1, 2012 - Halifax Media Group has agreed to purchase Freedom Communications properties in Florida and North Carolina. The transaction, terms of which were not disclosed, is expected to close within 30 days.
The newspapers involved in the transaction include The Times, Apalachicola, FL; The Holmes County Times-Advertiser in Bonifay, FL; Times-News, Burlington, NC.; The Havelock News, Havelock, NC; The Daily News, Jacksonville, NC; The Free Press, Kinston, NC; The Star in Port St. Joe, FL; The Walton Sun, Santa Rosa Beach, FL; The Washington County News, Chipley, FL; The Crestview News Bulletin, Crestview, FL; The Destin Log, Destin, FL; Northwest Florida Daily News, Fort Walton Beach, FL; The Gaston Gazette, Gastonia, NC; The Jones Post, Kinston, NC; The Santa Rosa Press Gazette and the Santa Rosa Free Press, Milton, FL; The Sun Journal and The Shopper, New Bern, NC; The News Herald, Panama City, FL; The Star, Shelby, NC; The Topsail Advertiser, Surf City, NC
“At Halifax Media Group, we believe in the future of newspapers,” said Michael Redding, CEO of Halifax Media Group. “ The purchase of Freedom’s Florida and North Carolina properties further demonstrates our commitment to newspapers, not only for their value as an investment, but for the value they provide to the communities they serve. These properties provide a perfect extension to our recently acquired New York Times Regional Newspaper Group papers and reflect our interest in preserving community journalism for many years to come.”
“At a time when the newspaper industry as a whole faces many challenges, local newspapers like these continue to thrive because they play such a critical role in the lives of their communities,” said Freedom CEO Mitch Stern. “It’s also a real tribute to the dedication and hard work of our employees that these properties were so attractive to a new owner.”
About Halifax Media Group
Founded in 2010, Halifax Media is headquartered in Daytona Beach, Fla. The company’s investment group includes Stephens Capital Partners, JAARSSS Media, and Redding Investments. The group consists of 16 publications in six states, primarily situated in the Southeast. Halifax Media’s strategy is to invest long-term capital in quality companies positioned in strong markets that are closely connected to the community.