Park Communications Sold for $711 Million; Real Estate Developer and Stock Broker Team Up to Buy Newspaper and Broadcast Chain
Fitzgerald, Mark, Editor & Publisher
PARK COMMUNICATIONS INC., the sprawling family-controlled neewspaper and broadcasting chain, said it reached an agreement to be sold to two investors for $711.4 million.
Neither of the investors, Donald Tomlin and Gary Knapp, have experience managing a media company.
Tomlin was described by a spokesman for the two as a native South Carolinian who is active in real estate development in the South.
Knapp operates a stock brokerage in Lexington, Ky., the spokesman said.
A Park news release said the two have indicated they intend to retain Park's current management and employees.
The total purchase price of about $30.50 per share represents …
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Publication information: Article title: Park Communications Sold for $711 Million; Real Estate Developer and Stock Broker Team Up to Buy Newspaper and Broadcast Chain. Contributors: Fitzgerald, Mark - Author. Magazine title: Editor & Publisher. Volume: 127. Issue: 45 Publication date: November 5, 1994. Page number: 9. © 2002 Editor & Publisher. COPYRIGHT 1994 Gale Group.
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