Brown Publishing Company

Brown Publishing Company was a privately owned Cincinnati, Ohio newspaper business started by Congressman Clarence J. Brown in Blanchester, Ohio in 1920. It ended 90 years of operations in August/September 2010 with its bankruptcy and sale of assets to a new company formed by its creditors and called Ohio Community Media Inc.[1] The company was previously a family-owned business; it published 18 daily newspapers, 27 weekly newspapers, and 26 free weeklies. The former CEO was Brown's grandson, Roy Brown. The chairman of the board was Roy's brother Clancy Brown, who is also an actor.

Bankruptcy proceedings

On April 30, 2010 the company and its subsidiaries filed for bankruptcy in federal court in Central Islip, New York, in the Eastern District of New York in Docket 10-73295. It listed Brown and 14 affiliates, with assets of $94.1 million and $104.6 million in debts as of March 31, 2010. Its affiliates included Delaware Gazette Co., Texas Business News LLC, Utah Business Publishers LLC, Texas Community Newspapers Inc., Upstate Business News LLC, Troy Daily News Inc., SC Biz News LLC, ARG LLC, Brown Business Ledger LLC, Dan's Papers Inc., Business Publications LLC.[2][3]

Several key executives of Brown Publishing submitted a plan to purchase key assets of the company under the auspices of a newly created company, Brown Media Holdings. This plan fell through when a key lender backing the plan withdrew its offer.[4]

On September 3, 2010, it was announced that Manhattan Media had purchased Dan's Papers, Montauk Pioneer, and Hampton Style Magazine from Brown.[5]

Later in September, Brown's 14 Ohio dailies and about 50 weekly publications were transferred to Ohio Community Media, a new entity owned by Brown's creditors, in a transaction valued at $21.75 million.[6] Over the next few months, the new company sold a "mini-empire" of business newsweeklies which Brown had assembled starting in 2007. The company sold titles in cities ranging from Charleston, South Carolina; Cheyenne, Wyoming; Fort Worth, Texas; to Naperville, Illinois.[7]

Philadelphia-based Versa Capital Management completed its purchase of Ohio Community Media for an undisclosed price in May 2011. By this point, the chain consisted of 14 daily newspapers and about 30 weeklies, all located in Ohio.[8]

Publications

Dailies

Ohio

Former holdings, New York

References
  1. Palmer, Thomas (September 4, 2010). "Uncertainty shrouds Brown Publishing bankruptcy". Mansfield News Journal. Archived from the original on September 6, 2010 – via www.mansfieldnewsjournal.com.
  2. "Brown Publishing files for bankruptcy". Boulder County Business Report. Cincinnati. May 3, 2010. Archived from the original on July 7, 2011 – via www.bcbr.com.CS1 maint: unfit URL (link)
  3. "Brown Publishing files for bankruptcy". Boulder County Business Report. Cincinnati. May 3, 2010 – via bizwest.com.
  4. Sanctis, Matt (August 24, 2010). "Brown Publishing can't close on bankruptcy sale". Springfield News Sun. Urbana. Archived from the original on August 25, 2010 – via www.springfieldnewssun.com.
  5. "Manhattan Media Acquires Dan's Papers 50-Year-Old Hamptons Weekly to be Headed by Founder Dan Rattinger". Dan's Papers (Press release). September 3, 2010. Archived from the original on September 17, 2010 – via www.danshamptons.com.
  6. Sanctis, Matt (September 4, 2010). "Judge OKs Sale of Brown Newspapers". Dayton Daily News. Archived from the original on June 10, 2014 – via HighBeam Research.
  7. "Brown's Biz Journals Now All Sold". NewsInc. February 14, 2011. Archived from the original on June 10, 2014 – via HighBeam Research.
  8. "Business Headlines: Local Newspapers Have New Owners". Dayton Daily News. May 21, 2011. Archived from the original on June 10, 2014 – via HighBeam Research.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.