Champion to Acquire the Herald-Dispatch From Gatehouse Media
Headquartered in Huntington, W.Va., Champion Industries announced it has signed a definitive asset purchase agreement to acquire The Herald-Dispatch, also in Huntington, from GateHouse Media for a purchase price of $77 million. The transaction is expected to close during the Company’s fourth quarter, and is subject to regulatory approval and customary closing conditions. Champion intends to finance the acquisition with debt.
The Herald-Dispatch has a total daily and Sunday circulation of approximately 28,000 and 33,000, respectively.
“The Herald-Dispatch is a premier institution in West Virginia and the entire tri-state area. We believe this opportunity will generate numerous expansion and growth opportunities,” said Marshall T. Reynolds, chairman of the board and CEO of Champion Industries. “We expect this acquisition to generate substantial earnings before interest, taxes, depreciation and amortization (EBITDA) to Champion, and feel that a locally owned newspaper will provide important benefits to our communities, as well as shareholders. I personally am excited to work with The Herald-Dispatch to better our communities and to create an entity to complement Champion Industries and to expand our revenue base and diversify our operations.”
For more information, visit www.champion-industries.com or call (800) 624-3431.