Canada's Black Press Ltd. to buy Beacon

As posted on Ohio.com

Beacon Journal staff report
Sound Publishing Holdings Inc. has agreed to buy the Akron Beacon Journal for $165 million from McClatchy Inc.

Sound Publishing is a wholly owned subsidiary of Canadian company Black Press Ltd., which publishes more than 100 publications, mostly weeklies, in British Columbia, Alberta, Washington state and Hawaii.

McClatchy also agreed to sell four other Knight Ridder Inc. newspapers for $285 million. The Duluth News Tribune in Minnesota and Grand Forks Herald in North Dakota will be purchased by closely held Forum Communications Co.

The Aberdeen American News in South Dakota will be purchased by closely held Schurz Communications Inc., McClatchy said. Ogden Newspapers will purchase the Fort Wayne News-Sentinel in Indiana.

Beacon Journal employees were told of the sale at a 4 p.m. meeting today.

David Black, owner of Black Press, did not attend the announcement. He said in a statement that he will be in Akron next week.

The Beacon Journal is among the 12 papers being divested by McClatchy Co. as part of its acquisition of Knight Ridder.

``Our aim throughout the divestiture process was to find the right buyers for the right newspapers,'' said Gary Pruitt, McClatchy chief executive. ``We believe that Black Press Ltd. and the Akron Beacon Journal are a great fit, and we look forward to seeing this relationship develop in the future.

Sacramento-based McClatchy Co. is selling the 12 papers because they are not located in fast-growing markets. The company had already reached agreements to sell six of those newspapers in California, St. Paul and Philadelphia.

Advance Publications Inc., owner of The Plain Dealer in Cleveland, was among the bidders for the Beacon Journal.

No owner has emerged for the Times Leader of Wilkes-Barre, Pa.

You also can find an audio clip on Ohio.com of Crutchfeld’s an nouncement.

See the next post.