4

Potential Buyer Of the East Valley Tribune Identified; Tucson Publisher Randy Miller Finalized Letter of Intent

The identity of the person who filed a letter of intent to buy the bankrupt

East Valley Tribune

was identified today by the

Trib's

publisher, Freedom Communications.

Randy Miller, president of Thirteenth Street Media and publisher of the Tucson Explorer, has finalized a letter of intent to buy the failing daily that was scheduled to close December 31.

The Explorer, the Trib reports, is printed on the Trib's fancy $4 million press, which we can assume will be included in the deal.

There were rumors that Freedom had planned on keeping the pricey press and using it for commercial printing, but according to the Trib, the deal includes all "operating assets."

The Trib reported last week that a potential deal had been struck but failed to identify the would--be buyer. At the time, Trib publisher Julie Moreno said the new buyer planned to keep a "substantial" number of the paper's current employees.

Before the deal is finalized, the deal needs to be approved by the judge overseeing Freedom's bankruptcy case.

Buying the failed paper is probably a bit of a gamble for Miller. Over the past year, it has gradually scaled back production and cut staff as profits began to dwindle. Who Knows -- Miller's business plan might stand a chance if it doesn't include dishing out millions of dollars in bonuses to top management as the company goes down the tubes.

 

We use cookies to collect and analyze information on site performance and usage, and to enhance and customize content and advertisements. By clicking 'X' or continuing to use the site, you agree to allow cookies to be placed. To find out more, visit our cookies policy and our privacy policy.

Newsletters

All-access pass to the top stories, events and offers around town.

  • Top Stories
    Send: