Press-Enterprise sold

By on October 11, 2013
Inland Empire Newspaper Sold.001

Freedom Communications Inc., owner of the Orange County Register, announced Thursday that it has reached an agreement to buy The Press-Enterprise in Riverside.

The $27.25 million transaction is expected to close this month, according to a report originally published in the Victorville Daily Press.

Besides the Register, Freedom Communications owns the Desert Dispatch in Barstow and the Daily Press.

The Press-Enterprise has been owned A.H. Belo Corp. in Dallas, owner of the Dallas Morning News, for the past 16 years.

“The Press-Enterprise is a Pulitzer Prize-winning institution with a rich history in serving and connecting the community,” said Aaron Kushner, co-owner and chief executive of Freedom Communications in a statement. “We are most appreciative of the stewardship to this important institution by A.H. Belo, and we look forward to continuing to build upon that foundation and expand the ways the Press-Enterprise helps its subscribers, advertisers and community grow and thrive.”

Belo, a public company, plans to use proceeds from the sale to diversify its revenue stream and increase shareholder returns, according to the report.