Montgomery, Al. — A report from the Indiana Business Journal says Community Newspapers Holdings Inc. will be sold off by parent company Raycom Media Inc. CNHI owns 100 community newspapers in 22 cities, including the Batesville Herald Tribune, Greensburg Daily News and Rushville Republican.
The announcement comes after Atlanta-based Gray Television Inc. announced plans to acquire Montgomery, Alabama-based Raycom Media, Inc. The deal would create the third largest television broadcast group in the United States.
“We are looking for a transaction or transactions that will carry on CNHI’s rich tradition of public service through award-winning journalism,” CNHI president and CEO Donna Barrett said in the statement.
CNHI has retained a brokerage firm to examine the deal that could be worth more than $3.65 billion. Regulatory approval is expected in the fourth quarter of 2018.
