$300 million newspaper sold for $20 million

DAYTONA BEACH -- A federal judge on Tuesday approved the sale of the News-Journal Corp. for $20 million, saying there was no evidence the newspaper would bring a higher price if the sale was delayed.

U.S. District Judge John Antoon II said at the end of a one-hour hearing that in spite of a ruling in 2006 that the newspaper was worth nearly $300 million, the sale to Halifax Media Acquisition LLC is "fair and reasonable and appropriate."

Attorneys for the News-Journal's parent company and the Davidson family repeatedly asked for a delay of the sale to allow the economy to improve. Antoon said that while he understood that argument, he was in "no position" to do so.

"This is the value today," the judge said.


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[Source Dayton Beach News-Journal]