TRIB TOTAL MEDIA TO SELL SEVERAL WESTERN PENNSYLVANIA NEWSPAPERS
August 28, 2015
Trib Total Media, a multimedia network of daily and weekly news outlets, today announced its plan to sell nine of its 77 Western Pennsylvania publications, including four regional daily newspapers.
The four daily newspapers up for sale are The Valley Independent, Leader Times, The Daily News, and Daily Courier; the five weeklies are all part of the Laurel Group, which Trib Total Media purchased in 2007. These publications are The Mount Pleasant Journal, The Independent-Observer, The Ligonier Echo, The Times-Sun, and The Jeannette Spirit.
"Our plan to sell these newspapers is part of a larger strategic growth plan that the board of directors has developed over the course of the past year," said Jennifer Bertetto, president and CEO of Trib Total Media. "The passing of Trib Total Media owner Richard Mellon Scaife last year prompted the board to undertake a strategic review of the company and identify our best opportunity for growth in an ever-evolving media landscape. Additional investments are planned to enhance our digital offerings that will allow us to deliver the news where, when and how our readers would like to receive it."
The plan also includes offering buyout opportunities to select long-term employees at Trib Total Mediaâ€™s other properties. Roughly 425 employees will be eligible under the provisions of the buyout. It is anticipated that approximately 75 employees will take advantage of the offer.
Trib Total Media has engaged Dunn Rush & Co. LLC, a Boston investment banking firm with national expertise in media properties, as financial advisor to assist in attracting, evaluating and negotiating acquisition proposals for the papers.
About Trib Total Media
Trib Total Media is a multimedia network of daily and weekly newspapers, weekly shoppers, and websites delivering news, information and advertising to over 1.1 million readers across Western Pennsylvania every week. Trib Total Mediaâ€™s targeted digital services, direct mail, promotional products, commercial printing, and media planning services deliver a variety of marketing solutions for advertisers big and small. In addition, Trib Total Media has formed strategic partnerships with community and non-profit organizations across the region, enabling Trib Total Media to conTRIBute and make a positive impact on communities throughout the region. Visit TribTotalMedia.com or TribLIVE.com for more information.