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Record's parent company to be sold
Peter Horvitz, president and chief executive officer of Horvitz Newspapers Inc., announced on June 19 that the board of directors of Horvitz Newspapers has decided to seek a buyer for King County Journal Newspapers. The company has retained Dirks, Van Essen & Murray, the leading merger and acquisition firm in the United States newspaper industry, to assist in the sale of these newspapers.
The King County Journal Newspapers are based in Kent, Wash., and consist of the King County Journal, a 41,000 circulation daily and Sunday newspaper; two weekly newspapers, the Mercer Island Reporter and Snoqualmie Valley Record; and seven papers distributed twice a month, the Auburn Reporter, Bellevue Reporter, Bothell/Kenmore Reporter, Covington/Maple Valley Reporter, Kent Reporter, Redmond Reporter and Renton Reporter.
Horvitz said, "I made the recommendation to our board to sell King County Journal Newspapers after concluding that Horvitz Newspapers doesn't have the financial resources to achieve the potential of these newspapers - and they have great potential."
"We're proud of the significant progress these newspapers have made over many years, especially in a very difficult economic and competitive environment, and we believe that much progress can be made in future years if King County Journal Newspapers is owned by a company that can continue to make the necessary investments in the newspapers," Horvitz said.
Horvitz Newspapers does not intend to sell its other daily newspapers, the Peninsula Daily News published in Port Angeles, Wash., and The Daily Times, published in Maryville, Tenn.