A company founded by the former CEO of the Chicago Sun-Times is buying the McAllen Monitor and at least six other newspapers.
Dallas-based AIM Media Texas reached an agreement to buy the newspapers from their parent company Freedom Communications.
The sale includes:
The McAllen Monitor The Brownsville Herald El Nuevo Heraldo The Valley Morning Star The Mid-Valley Town Crier The Odessa-American The Coastal Current
Both Freedom Communication and AIM Media Texas confirmed the agreement on Friday morning.
Halbreich spoke to Action 4 News via telephone about the purchase.
The Dallas media mogul said he could not discuss any plans involving the newspapers until after the transaction closes 30 days from now.
But Halbreich said he is very familiar with and loves the Rio Grande Valley.
His former company American Consolidated Media owns the Valley Town Crier in McAllen and the Bargain Book in Harlingen and Brownsville.
In a statement released on Friday morning, Halbreich said his company hopes to continue the discourse in both online and print editions of the newspapers.
These publications and the service they provide their respective communities in Texas represent a great testimony to the hard work, dedication and true community service established and maintained by Freedom over many decades in conjunction with their talented staff of dedicated employees, Halbreich said in the statement.
Freedom Communications Executive Vice President Mark McEachen said in a statement that they believe the six newspapers will be in good hands.
The leadership of AIM Media Texas has an intimate understanding of the Texas media landscape and is acutely aware of the key role newspapers play in the lives of the communities they serve, McEachen said. They share our view that a newspaper must be strong in its dedication to localism by providing accurate and timely information and by serving as an active steward of the values of the community.
AIM Media Texas Announces Acquisition ofTexas Newspapers from Freedom Communications
DALLAS, TX, May 18, 2012 " AIM Media Texas, LLC (AIM or the Company) announced today that it has reached agreement to acquire the Texas print and online newspaper publishing assets from Freedom Communications, Inc. (Freedom), of Irvine, California.
Terms of the transaction, which is expected to close in approximately 30 days, were not disclosed. In conjunction with the transaction, AIM announced that all Freedom employees at the publications in Texas will continue in their respective jobs and positions with the new Company.
The publications and affiliated web-sites included in the transaction include daily newspapers in McAllen (The Monitor and www.themonitor.com), Harlingen (Valley Morning Star and www.valleymorningstar.com), Brownsville (The Brownsville Herald and www.brownsvilleherald.com), Brownsville (El Nuevo Heraldo and www.elnuevoheraldo.com) and Odessa (Odessa American and www.oaoa.com); one 2X-weekly in Weslaco (Mid-Valley Town Crier and www.midvalleytowncrier.com); one weekly serving South Padre Island and Port Isabel (Coastal Current and www.spislandbreeze.com); and, a variety of other weekly and monthly publications and related web-sites.
Freedom Communications is one of the most respected and admired publishing and media organizations in the United States, said Jeremy L. Halbreich, Chairman and CEO of AIM and the former Chairman & CEO of Sun-Times Media LLC (Chicago), former Founder, Chairman, President & CEO of American Consolidated Media (Dallas), and former President and General Manager of The Dallas Morning News. I have had the pleasure and good fortune of knowing many of the family members, Board members and senior executives at Freedom over the years and so we are very flattered to have this opportunity to become directly involved with these important, high-quality, local journalism organizations, he added.
We are excited by the prospect of instilling a renewed and reinvigorated local focus and local concentration at these significant local institutions. We look forward to providing the guidance and direction necessary for them to engage their local audiences and set the civic agenda and discourse in both online and print for the communities they serve, Halbreich added. These are important, impactful and attractive businesses in an extraordinary group of towns in Texas including Odessa and all the local communities across the Rio Grande Valley.
These publications and the service they provide their respective communities in Texas represent a great testimony to the hard work, dedication and true community service established and maintained by Freedom over many decades in conjunction with their talented staff of dedicated employees, Halbreich said.