Today’s Transactions: <br>Versa Capital Picks Up Four Newspapers
Philadelphia-based sponsor Versa Capital Management LLC agreed to buy four newspapers from Freedom Communications Inc. for an undisclosed price.
Freedom, headquartered in Irvine, Calif., is divesting two Illinois publications, the Telegraph in Alton, and the Journal-Courier in Jacksonville, along with the Sedalia Democrat in Sedalia, Mo. and Lima News in Lima, Ohio.
Versa Capital was reported to be a bidder for the Midwest newspapers in March, when it was first disclosed that Freedom had been exploring a sale of its remaining 24 daily newspapers.
Versa specializes in restructurings and turnarounds, and typically invests in businesses with revenues that fall between $100 million to $1 billion.
The deal was announced shortly after financial sponsor Berkshire Hathaway revealed a $142 million acquisition offer for 63 daily and weekly newspapers in Virginia, North Carolina, South Carolina and Alabama that are owned by Media General Inc.