Business Services Industry
Freedom Communications Closes $2 Billion Deal with Investors.
Knight Ridder/Tribune Business News, May, 2004
By Mary Ann Milbourn, The Orange County Register, Calif. Knight Ridder/Tribune Business News
May 19--Freedom Communications Inc., parent of The Orange County Register, moved Tuesday from longtime family hands into joint ownership with two East Coast investment firms.
Alan Bell, Freedom's chief executive, said the last of the paperwork was signed just before noon completing a $2 billion deal that allowed shareholders who wanted to cash in to sell their shares while giving Blackstone Group in New York and Rhode Island-based Providence Equity Partners a minority stake in the Irvine company.
The deal also means a change in the board of directors with Chairman R. David Threshie, former publisher of the Register, stepping down. Tuesday's...
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