Judge approves sale of Brown Publishing Co.

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Associated Press 10:51 PM Thursday, July 29, 2010

A federal bankruptcy court on Thursday approved the $26 million sale of Ohio-based newspaper chain Brown Publishing Co. to a group of company insiders led by current President and Chief Executive Roy Brown.

U.S. Bankruptcy Court Judge Dorothy Eisenberg ruled that a newly formed Brown Media Corp. could purchase the majority of the chain for $22.4 million.

She also approved the purchase of two of Brown’s Ohio dailies, the Van Wert Times and the Ada Herald, for $3.6 million to Delphos Herald Inc.

The sale involves company assets in Ohio, New York, Texas, South Carolina, Illinois, Iowa, Colorado, Utah, Arizona and Wyoming. Among the publications is Dan’s Papers, a popular Hamptons-based weekly on Long Island.

The judge, who conducted hearings over two days before approving the sale, did reject one aspect of the proposed deal: the sale of three real estate parcels in Ohio. Brown Media was the lone bidder on the properties, offering $10,000 for parcels in Urbana, Xenia and Bellevue.

Brown Media Holdings Co. and Brown Publishing Co. filed for Chapter 11 bankruptcy relief in May.

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