DENVER — MediaNews Group Inc. said Friday it has acquired the Santa Cruz Sentinel from Community Newspaper Holdings Inc.
MediaNews, with 56 daily publications, said the California Newspapers Partnership — which is majority-owned by MediaNews — acquired the Sentinel, which is a daily.
MediaNews funded its share of the purchase through a revolving credit agreement. Gannett and SF Holding Corp., the other partners, contributed their share of the purchase price. Financial terms were not disclosed.
"Although we have enjoyed working with the staff, we believe the newspaper will be a better strategic fit with its new owner,” Donna Barrett, president and chief executive officer of the privately owned CNHI, said in a statement.
Dean Singleton, MediaNews’ chief executive officer, said the Santa Cruz newspaper will bolster the company’s reach in California. "The Santa Cruz Sentinel is a fine newspaper today but will be strengthened by the resources of our existing newspapers,” he said.
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MediaNews, which already owns the Oakland Tribune and seven other Bay Area newspapers, acquired the Monterey County Herald, San Jose Mercury News and Contra Costa Times from McClatchy Co. last year.
The complex $1 billion deal included $300 million in financing from the Hearst Corp., owner of the Chronicle. The deal between MediaNews and Hearst is the subject of a federal antitrust lawsuit filed by a San Francisco businessman.
MediaNews is the nation’s fourth-largest newspaper company with 56 daily newspapers and about 120 non-daily publications in 13 states.
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Keep the discussion civilized. Absolutely NO personal attacks or insults directed toward writers, nor others who make comments.
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PLEASE TURN OFF YOUR CAPS LOCK.
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