Business News
Buyer purchases two Connecticut newspapers
Wednesday 07. January 2009 - Central Connecticut Communications has entered into a letter of intent to purchase the assets of The Bristol Press, The Herald of New Britain and The Sunday Herald Press from Journal Register Company, parent company of the New Haven Register.
The acquisition is expected to close within two weeks.
The sale includes the assets of the papers Web sites and of three nearby weeklies: the Wethersfield Post, the Newington Town Crier and the Rocky Hill Post.
Central Connecticut Communications, a corporation formed to facilitate the sale, is owned by Michael E. Schroeder, most recently publisher of the short-lived free daily BostonNOW and a long-time newspaper and magazine industry executive. He previously held editorial and management positions at Long Islands Newsday.
Once the acquisition is finalized, Schroeder will become president, publisher and CEO of the group, and will manage all operations from the newspapers offices in New Britain and Bristol. The papers will continue to publish on their current schedule.
“We look forward to building upon the rich history of these properties as local business people,” said Schroeder. “We plan to work with current staff, readers and advertisers to produce papers, Web sites and other media that successfully educate, inform and entertain the communities they serve.”
“We know that the papers will be in good hands under Michael Schroeders leadership,” said Scott Wright, Journal Register president. “He came into this situation very recently and demonstrated a thorough knowledge of the business, a willingness to learn about the community, and a positive attitude toward the future of the properties.”
“Journal Register worked hard to find a good home for these papers under very trying circumstances, and insisted on fair treatment of their employees. We appreciate them working with us, along with the efforts of the current publisher, Ed Gunderson, to get us up to speed,” Schroeder said. “We also received substantial support from mayors of both towns, Tim Stewart in New Britain and Art Ward in Bristol.”
The Bristol Press and The Herald of New Britain have been published continuously for over 130 years. They employ a combined staff of over 90 in their two offices, publishing six days each with a combined Sunday paper.
The acquisition was brokered by Phil Murray of Dirks, Van Essen and Murray of Santa Fe, New Mexico.