Freedom Communications Inc. suspends deal
Freedom Communications Inc., which owns the Orange County Register, postponed a plan to buy out two minority partners, Blackstone Group LP and Providence Equity Partners, according to a report from the Wall Street Journal.
The report says that Freedom was planning to spend more than $500 million to buy back the roughly 45 percent stake held by Blackstone and Providence.
But negotiations were suspended amid the credit-market turmoil. Some banks were leery of lending money to Freedom, in part because of uncertainties facing the newspaper industry, and Freedom also faced higher borrowing costs, a person familiar with the situation said.
For the full report from Wall Street Journal reporters Dennis K. Berman and Martin click here.
The report says that Freedom was planning to spend more than $500 million to buy back the roughly 45 percent stake held by Blackstone and Providence.
But negotiations were suspended amid the credit-market turmoil. Some banks were leery of lending money to Freedom, in part because of uncertainties facing the newspaper industry, and Freedom also faced higher borrowing costs, a person familiar with the situation said.
For the full report from Wall Street Journal reporters Dennis K. Berman and Martin click here.
posted by Kelly at
12/27/2007 09:23:00 AM
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