Galion Inquirer Sold Again
According to a news release appearing on the Ohio Community Media website (click here to read), “substantially all assets” of the Ohio Community Media chain, of which the Inquirer was a part, have been acquired by a new subsidiary (OCM, LLC) of Versa Capital Management, Inc. of Philadelphia, Pennsylvania. The seller, Ohio Community Media, was formed last year by former lenders of the bankrupt Brown Publishing Company.
The acquisition likely involved 14 daily newspapers, 30 weekly newspapers, a number of print local “shoppers,” other niche publications, and adjunct online sites that correspond with print media. The Morrow County Sentinel and the Delaware Gazette were both part of Ohio Community Media.
Details of the sale were not disclosed, so there is no indication at this point of purchase price.
It is also unknown what the long-term status of OCM, LLC will be. According to the online site for Bloomberg Business Week (click here), Versa Capital Management “seeks to invest in leveraged and management buyouts, going-private transactions, spin-offs, divestures, restructurings, turnarounds, reorganizations, liquidations, recapitalizations, chapter 11 or out-of-court restructurings, rescue, DIP, exit financings or cash alternatives, and secondary debt of commercial enterprises experiencing or otherwise requiring organizational or financial transition.”
OCM, LLC will be led by long-time media presence Scott M. Champion. Champion is a former executive with Gatehouse Media.
With this sale, the Inquirer remains with ownership out of Ohio; the same is true for the other print daily newspaper in the county, the Bucyrus Telegraph-Forum, which is owned by Gannett, Inc. of Virginia. All online news and information sites in the county, including those of CrawfordCountyNow.com and WBCO/WQEL (both owned by a subsidiary of Michigan-based Saga Communications) are owned by out-of-state corporations; GalionLive remains the only one locally-owned and managed.