The Orange Country Register's parent company, Freedom Communications, has been acquired by a Massachusetts investment group. The size of the deal remains a mystery.
On Monday, Boston greeting card mini-mogul Aaron Kushner, along with a group of investors, announced the acquisition of the remaining assets of Freedom Communications, whose flagship media property is the Orange County Register.
The price remains unknown. As does the financing on the deal. And in Boston, they're even asking out loud whether this means it's game over for Kusnher's effort to buy the Boston Globe from the New York Times. His rumored bid was $200 million, which seems pretty low. The New York Times Company's former CEO, Janet Robinson, departed late last year with a $23-million severance package in tow. She didn't want to sell the Globe. But it's entirely possible that the NYT Co. now does.
The Boston Herald spoke with an academic and former newspaper editor to get his take:
The Orange Country Register's parent company, Freedom Communications, has been acquired by a Massachusetts investment group.
Freedom Communications Holdings, the parent company of the Orange County Register, has been acquired by a subsidiary of 2100 Trust LLC, a private investment firm based in Masachusetts and led by 39-year-old Aaron Kushner, who has previously attempted to buy the Boston Globe from the New York Times Co. and last year sought to purchase a newspaper company in Maine.
The deal size hasn't yet been disclosed, nor has any detail been released on the financing. The deal is scheduled to close in 30 days and caps a sell-off of media properties in Texas and the Midwest that Freedom has been engaged in for the past few months. Earlier in 2012, Freedom sold papers in Florida, New Mexico, and North Carolina. The O.C. Register is the nation's 19th largest newspaper, and it's recently seen an uptick in its circulation.