Alton's daily newspaper, The Telegraph, is part of a four-paper sale deal that will result in the daily operations being overseen by a Philadelphia-based private equity company. Freedom Communications is selling the Telegraph, along with newspapers in Sedalia, Missouri, Jacksonville, Illinois, and Lima, Ohio to Versa Capital Management LLC.
Robert Emmers, Freedom Communications spokesman, says these papers will be in good hands.
The sale is expected to close in about 30 days. He says they decided to sell for two reasons: to add to the financial strength of Freedom as a whole, and the other to enhance the value to shareholders after the investments made following the bankruptcy proceedings a couple of years ago. There is no word yet on Versa's plans for the paper.