10 Apr 08 Daytona Beach News-Journal going up for sale
In the wake of a lawsuit from corporate shareholders, Cox Enterprises, the owners of the Daytona Beach News-Journal announced today that they would put the paper on the market. From the Orlando Sentinel:
A sale of the newspaper has become the only option in light of the latest legal loss against Cox Enterprises, the Atlanta-based corporate partner.
“We do not yet know the form this sale will take or the timing, but we know that it will be sold as a going and continuing business,” reads the letter posted on the newspaper’s Web site and jointly signed by board members.
The News-Journal has been ordered to pay Cox $129 million to buy out its shares and the Eleventh Circuit Court of Appeal denied the News-Journal’s last request to rehear the case.
I got $5 on it!
I wonder who will be the first to make a bid? Murdoch? Gannett? Hearst?
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