Magazine article Editor & Publisher

Belo to Acquire California Daily

Magazine article Editor & Publisher

Belo to Acquire California Daily

Article excerpt

THE RIVERSIDE, CALIF., Press-Enterprise, one of the nation's dwindling number of family-owned newspapers, has been sold to the A.H. Belo Corp., publisher of the Dallas Morning News and six other daily newspapers.

The sale, which is expected to close 30 days from the June 21 announcement, would end 119 years of private ownership, 67 of them by the Hays family, which owns a controlling interest in the newspaper. The sale price was not disclosed but the Press-Enterprise, in a story about the deal, quoted industry analysts as estimating that it could be worth about $243 million based on the paper's circulation of over 162,235 in a growing area. Newspaper purchasing prices are usually based on $1,000 to $1,500 per subscriber.

Last year, Belo acquired 21.47% interest in the Press-Enterpise from Dow Jones and Co. Several months later, Belo increased its stake to 38.5%.

Press-Enterprise Co. chairman Howard H. "Tim" Hays stated in the paper's story that the decision to sell was prompted by inheritance tax considerations and the fact that family members are scattered throughout the United States.

Hays, 80, said the family chose the Belo firm because of its reputation as a responsible publisher. …

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