NEW: A.H. Belo Announces Providence Journal for Sale
Wednesday, December 04, 2013
GoLocalProv News Team
As hinted at on their most recent quarterly call, A.H. Belo, the publishing company that owns
The Providence Journal, has announced that it has begun looking for potential buyers for the daily Rhode Island newspaper.
"The Providence Journal is an important financial contributor to our Company, and the newspaper's commitment to the citizens of Providence and Rhode Island is unmatched. However, with A. H. Belo's focus on investing and growing in Dallas, it makes sense to explore this opportunity,” said Jim Moroney, chairman, president and Chief Executive Officer of the Dallas-based company.
A.H. Belo, which has owned The Journal since 1997, has selected Stephens Inc., an Arkansas financial services firm, to pursue potential buyers for the newspaper.
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Reason for the decision
According to A.H. Belo, selling The Journal would generate additional cash to invest in its businesses in Texas, as well as finance further repurchases in the future.
Specifically, the sale would also allow the company to concentrate on its flagship newspaper, the Dallas Morning News, which has been publishing since 1885 and currently has over 400,000 subscribers. A.H. Belo is also owns the Denton Record-Chronicle.
The Journal, which is the oldest major daily newspaper of general circulation and continuous publication in the United States, was the company’s only remaining newspaper outside of Texas.
Recent sales
Last month, A.H. Belo finalized the sale of the newspaper operations of The Press-Enterprise located in Riverside, Calif. for $27.25 million. In July, the company sold The Press-Enterprise’s building to Riverside County for $30 million.
Declining circulation and revenue
The Journal’s circulation declined 45 percent from 1999 to 2012, from about 165,000 to 89,000. Over this same time, the newspaper circulation nationally dipped by 20 percent. The newspaper’s current circulation is 76,447 as of September 30.
Additionally, The Journal’s advertising revenue has plummeted 66 percent since 2005, which equals roughly $46 million.
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(Photo: Alan Levine, Flickr)
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