The Beacon Journal reported today in a business front story by Mary Ethridge that the owner of the Plain Dealer, Advance Publications Inc., is actively researching purchase of the BJ. Officials from the PD and New York-based Advance, met with “high-ranking” managers of the Beacon Journal on Wednesday and Thursday. BJ publisher Jim Crutchfield would not comment.
Bids for the Beacon Journal and five other newspapers are due by May 31, according to potential bidder David Black, owner of the Canadian newspaper publisher Black Press Ltd.
Black was among five that submitted bids Tuesday for the Philadelphia Inquirer and Daily News.
Two potential buyers confirmed they made offers: Christopher Harte, a former BJ publisher and Knight Ridder executive who’s teaming with Avista Capital Holdings, and home-building executive Bruce Toll, who’s part of a group of Philadelphia investors. Neither would discuss price.
A spokesman for a third likely bidder, Los Angeles investment firm Yucaipa Cos., couldn’t be reached for comment, although the firm has been outspoken in its interest in the papers. Mort Zuckerman, owner of the New York Daily News, also was contemplatina a bid. A spokeswoman for Zuckerman had no comment.
The two papers should sell for at least $460 million, based on a formula outlined by industry analyst John Morton of Morton Research Inc.
McClatchy Chairman and Chief Executive Gary Pruitt wouldn’t comment Tuesday but has said the company expects to announce a buyer for the papers in two weeks or less.
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