Hearst has snapped up the 205-year-old New Haven (Conn.) Register, two smaller in-state dailies, eight weeklies and Connecticut magazine from First Digital Media, the companies said Monday.
Terms of Hearstâs purchase from hedge fund Alden Global Capital were not disclosed â but Bloomberg, citing a person familiar with the matter said Hearst paid âless than $50 millionâ for the company, now known as 21st Century Media, a subsidiary of First Digital.
The Register and its sister publications â the Middletown Press and the Register Citizen, in Torrington, â have changed hands several times since first filing for bankruptcy in 2009.
Alden first picked up a minority piece in the media properties in the bankruptcy auction eight years ago and gradually expanded to full ownership.
Hearst â a diversified company that owns a piece of ESPN, financial data companies such at Fitch, minority stakes in BuzzFeed and Vice and magazines including Cosmopolitan and Esquire â was once the nationâs biggest newspaper publisher.
It has long since surrendered that throne, but its newspaper division, now headed by President Mark Aldam, appears to be aimed at acquiring papers in markets where the company already has a strong presence and consolidating some of the operations.
In the past 18 months it has acquired the Pioneer Group in Michigan and a chain of community newspapers in Houston, where it already owns the daily Houston Chronicle.