First round bids in the auction for Liberty Group Publishing, the newspaper group that owns The Neosho Daily News, The Carthage Press, The Neosho Post, and The Big Nickel are due by the end of this month, according to sources in the newspaper industry.
The newspaper company, which was formed in 1998 out of the smaller newspapers in the American wing of Canada-based Hollinger International, is expected to fetch more than $500 million, or 10 times its most recent annual earnings. The company includes more than 300 small publications, including The Miller Press and The Greenfield Vedette in southwest Missouri.
The same newspaper industry sources, say that at least three companies, Lee Enterprises Inc., the Heartland Media Group, and the Journal Register Company have received books containing bidding specifications.
Other companies said to be eyeing Liberty are the Hearst Group, and Advance Publications, Inc.
Liberty Group Publishing is owned by the investment firm of Leonard Green & Partners of Califonria.
The news that the company is for sale was first revealed in early August in articles from such sources as Associated Press, the Wall Street Journal, the Washington Post, and The Chicago Tribune. I'll try to have a breakdown on the companies seeking to buy Liberty in an upcoming edition of The Turner Report.