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January 16, 2010 06:21 AM UTC

Post's Parent Buys The Chapter

  •  
  • by: donscottknox

From the WSJ:

The holding company of MediaNews Group, the publisher of dozens of newspapers including the Denver Post and San Jose Mercury News, said Friday that it plans to seek bankruptcy protection, the latest in a string of troubled newspaper companies to seek refuge from creditors amid unsustainable debt loads.

Full story at http://online.wsj.com/article/…

Of course, this wasn’t unexpected, and it removes a cloud hanging over MediaNews. But this line seems shocking:

A person familiar with the transaction said the company has been valued at $200 million, including $50 million of equity value.

$50M is a lot to most people. But that’s a big comedown from a man who at one point valued his HALF of MediaNews at $350 million.

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