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.