Magazine article Editor & Publisher

Journal Register Says It's through as Public Company

Magazine article Editor & Publisher

Journal Register Says It's through as Public Company

Article excerpt

Its stock delisted by the New York Stock Exchange (NYSE) and shunned by investors, troubled community newspaper publisher Journal Register Co. said late Thursday it intends to stop filing reports with the Securities and Exchange Commission (SEC).

Yardley, Pa.-based Journal Register said its board of directors concluded that being a public company just isn't worth it anymore.

In a statement, the publisher of the New Haven (Conn.) Register, 21 other dallies and 300 community papers, said that "that in light of the NYSE's action to delist the shares and the company's limited ability to access the public capital markets for its foreseeable financing needs, the advantages of being a public company are outweighed by the significant accounting, legal, competitive and administrative costs associated with the reporting requirements for public companies."

Journal Register said it will continue to report results to stockholders in accordance with Delaware law, and will issue press releases disclosing quarterly and annual financial results. It said it will also "maintain many of the corporate governance improvements the company has made in recent years. …

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