Aug 10, 2008

MediaNews divesting

MediaNews Group has sold eight papers in Connecticut - including the Connecticut Post - to its sometimes business partner Hearst Corp. for an undisclosed price. The money no doubt will be used to shore up MNG finances and help pay down a debt load that has earned the company a CCC rating from Standard & Poor's.

MediaNews bought the Post in 2000 from Thomson with proceeds from the sale of a passel of papers in New Jersey and Pennsylvania.

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