CNHI explores sale of newspaper company
CNHI, LLC, one of the country's leading providers of local news and information, said Monday it is exploring the sale of its newspaper properties in 22 states.
The announcement was made after its parent company, Raycom Media Inc., reported it has signed an agreement to be acquired by Gray Television group, a public company headquartered in Atlanta. The transaction does not include CNHI's more than 100 newspapers (68 dailies and more than 40 non-dailies).
Donna Barrett, CNHI's president and chief executive office, said the company has retained the newspaper brokerage firm of Dirks, Van Essen, Murray and April to handle the sale of its newspapers.
"We're excited to open the next chapter in our commitment to top-flight community journalism," said Barrett. "We are looking for a transaction or transactions that will carry on CNHI's rich tradition of public service through award-winning journalism."
CNHI is a 20-year-old newspaper company that has grown from a few community newspapers at the outset to more than 100 papers today. They are located in the Midwest, Southwest, Southeast and Northeast.
Raycom Media Inc., which owns or operates television stations in 65 markets, acquired CNHI nine months ago.
"As we undertake this exploration process, we cannot say that any particular transaction will or will not take place," said Barrett. "What we can say is that we will consider various options as we work to find a partner or partners that share our dedication to community newspapers and the vital journalism they produce to serve local audiences."
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