The sale of the parent company of the Orange County Register and Riverside Press-Enterprise can go ahead after a bankruptcy judge today approved the purchase by Digital First Media, the Los Angeles Times reports.
“The $52.3 million offer prevailed over a competing bid from the parent company of the Los Angeles Times, which faced an antitrust battle in its effort to build a media empire stretching from the Mexican border to Los Angeles,” the Times reports. “Although Tribune Publishing’s $56 million cash bid was the highest for the assets of Freedom Communications, the Santa Ana publishing company asked U.S. Bankruptcy Judge Mark S. Wallace to approve a sale to Digital First.”
Freedom reportedly indicated that it would run out of money before the proposed Tribune purchase could clear the anti-trust litigation. “An attorney for Tribune Publishing did not object to a sale to Digital First,” the Times notes.
The sale to Digital First, which owns more than 50 papers and is known for its cost-cutting, is expected to close by the end of this month.