Exponent-Telegram's Brian Jarvis part of new owners that purchased Charleston Gazette

By Connect Clarksburg Staff | March 09, 2018
Huntington-based HD Media is under contract to purchase the Charleston Gazette-Mail after U.S. Bankruptcy Judge Frank Volk approved the sale of the newspaper Friday.
There’s no firm deadline as to when HD Media and Charleston Newspapers have to complete the sale, but Charleston Newspapers attorney Brian Audette said both parties hope to complete the sale by the end of this month.
HD Media will not outright own the Gazette-Mail until the sale is completed, but HD Media officials will be able to access the Gazette-Mail and assess the operations therein while under contract.
On Thursday, HD Media became the successful bidder to purchase the Gazette-Mail after officials with Ogden Newspapers announced they no longer intended to pursue purchase of the newspaper.
Ogden had been the highest bidder leading into Charleston Newspapers filing for bankruptcy on Jan. 30, a position referred to legally as being the “stalking horse bidder.”
HD Media bid just under $11.5 million for the Gazette-Mail to top Ogden’s original $10.911 million bid.
HD Media's bid met the requirements Volk set forth in an order in February.
To be considered a qualified bidder, the company had to bid at least $500,000 more than Ogden's initial bid.
That $500,000 represents a $400,000 break-up fee that HD Media now will pay to Ogden, and the other $100,000 represents the actual increase to the bid to buy the paper.
Part of Ogden’s original bid included $350,000 in “non-compete payments” to the owners of the Gazette-Mail, but that provision was not part of HD Media’s bid of $11,487,243.
CLICK HERE to read the rest of the story by the Charleston Gazette-Mail.
Inside Photo:  (Left to right:  Andy Knicely, Publisher of The Exponent-Telegram; NCWV Media President Brian Jarvis and Mike Yeager from the WV Press Association)

Share Article


Be the first to comment!

Post a Comment

Log in or Register to post a comment.