Journal Register Company Acquires Roe Jan Independent Publishing; Acquisition Includes Two New York Non-Daily Publications.
TRENTON, N.J.--(BUSINESS WIRE)--Aug. 1, 2001
Journal Register Company (NYSE:JRC) Chairman, President and Chief Executive Officer Robert M. Jelenic announced today the Company's acquisition of Roe Jan Independent Publishing, Inc., which is based in Hillsdale, New York, and includes two non-daily publications. The acquisition includes The Independent, a twice-weekly 9,600-circulation newspaper that serves Columbia and southern Rensselaer counties, and The Paper, a 16,000-circulation free 17-times per year arts and entertainment tabloid that serves Columbia, Dutchess, Berkshire (MA) and Litchfield (CT) counties.
Roe Jan Independent Publishing, Inc. is a privately held company. The terms of the transaction were not disclosed.
"I am extremely pleased to announce that these publications and their talented staffs have joined Journal Register Company," said Jelenic. "These publications are an excellent fit with our Daily Freeman in Kingston and our Millbrook-based weekly group, Taconic Press, both part of our Mid-Hudson Region of New York cluster.
"The Roe Jan publications also complement our Troy, New York, daily newspaper, The Record, which is part of our Capital-Saratoga cluster and is located north of Hillsdale, and our newspapers in Litchfield County, Connecticut."
"This transaction is expected to be marginally accretive on a net income basis in fiscal year 2002," said Journal Register Company Executive Vice President and Chief Financial Officer Jean B. Clifton. Roe Jan Independent Publishing reported total revenues of approximately $2 million for the fiscal year 2000.
"The Independent and The Paper, under the direction of Tony Jones and his wife, Vicki Simons, have been well managed and have served the best interests of their communities. We look forward to carrying on that tradition as we continue to grow these operations," added Clifton.
"We are confident that Journal Register Company will enlarge the successes of our publications, as well as provide our employees additional opportunities for professional growth," said Roe Jan Independent Publishing Owner and Publisher Tony Jones. "We will now be cheering from the sidelines as this talented staff continues its good work."
Journal Register Company's Mid-Hudson Region of New York cluster consists of one daily newspaper, the Daily Freeman in Kingston with paid daily circulation of approximately 22,000 and Sunday circulation of approximately 29,000, and 14 non-daily publications with total distribution of approximately 280,000, 11 of which are published by Taconic Press, the Company's weekly group based in Millbrook.
Journal Register Company is a leading U.S. newspaper publishing company that owns 22 daily newspapers, including the New Haven Register, Connecticut's second largest daily and Sunday newspaper, and 197 non-daily publications. Journal Register Company currently operates 132 individual Web sites featuring the Company's daily newspapers and non-daily publications, which can be accessed at journalregister.com. All of the Company's operations are strategically clustered in six geographic areas: Greater Philadelphia, Connecticut, Greater Cleveland, Central New England, and the Capital-Saratoga and Mid-Hudson regions of New York. The Company currently has equity investments in AdOne, LLC, a premier Internet-based classified advertising service, and PowerAdz.com, LLC, a leading Internet infrastructure provider for the newspaper industry.
This news release contains forward-looking statements that involve a number of risks and uncertainties, which could cause actual results to differ materially. These include, but are not limited to, the success of the Company's acquisition strategy, competitive pressures and general or regional economic conditions. Additional risk factors are outlined in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.