Business Services Industry
Two Investment Firms Buy Large Minority Stake of Freedom Communications.
Knight Ridder/Tribune Business News, May, 2004
By Wayne Heilman, The Gazette, Colorado Springs, Colo. Knight Ridder/Tribune Business News
May 19--Two East Coast investment firms Tuesday bought 40 percent of Freedom Communications Inc., parent company of The Gazette and related businesses.
Blackstone Group of New York and Providence Equity Partners of Rhode Island hold four of the 13 seats on the company's new board of directors, but the $2 billion deal keeps control of the company in the hands of the family of Freedom founder Raymond C. Hoiles.
The transaction allows the Irvine, Calif.-based company to keep its management team in place, provide capital for future acquisitions and growth and retain the libertarian editorial philosophy of its 65 newspapers, Freedom Chief Executive...
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