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OC Register's Parent Freedom To File For Ch 11; Hand Over to Lenders

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Freedom Communications, the parent of the Orange County Register and 100 other regional newspapers, will become the latest news media company to file for Chapter 11 bankruptcy protection this week, according to reports in WSJ and NYT. With this filing, the company will be handed over to its lenders –which include JPMorgan Chase, SunTrust and Union Bank of California — but will wipe out its two minority PE owners Blackstone Group and Providence Equity Partners. The Irvine, CA.-based Freedom has been majority owned for more than 70 years by the Hoiles family; it recently lost its CEO Scott Flanders, who left to join another troubled media company *Playboy Enterprises* as its CEO. Blackstone and Providence acquired a 40 percent equity stake in Freedom in 2004 for about $460 million, but have since written down their stakes.

3 Responses to “OC Register's Parent Freedom To File For Ch 11; Hand Over to Lenders”

  1. Freudian slip typo. Register news coverage long ago dropped its libertarian perspective in surrender to PC rules.

    The family member who forced the Blackstone deal so he could cash out looks like a genius now. Actually he looked pretty smart back then too.