Equities firm buys Ohio newspapers
The Lima News is one of four newspapers Freedom Communications will sell to a Philadelphia-based private equity firm called Versa Capital Management. Versa has been busy lately buying other papers in Ohio and around the country.
Versa Capital Management has been on a buying spree lately. The company at the end of last week purchased The Telegraph in Alton, Illinois, The Journal-Courier in Jacksonville, Illinois, and The Sedalia Democrat in Sedalia, Missouri. The deal also included the Lima News in Ohio.
Libertarian-leaning Freedom Communications has owned The Lima News since 1956.
In May 2011, Versa acquired Ohio Community Media, which includes 14 daily newspapers and 30 weekly papers in northern and western Ohio. The newspapers include: the Xenia Daily Gazette, the Piqua Daily Call, the Sidney Daily News, the Troy Daily News, The Urbana Daily Citizen and The Times Community Newspapers of Greater Dayton, which cover Huber Heights, Tipp City, Vandalia and other suburban communities.
Freedom Communications is headquartered in Irvine, California. The company says the deal with Versa will be finalized in 30 days and all affected employees will transition to work for Ohio Community Media. Terms of the deal have not been disclosed.