Mergers and Acquistions News
Categories: Media & Information Services
July 15th 2011, 15:34PM
A major US digital media company announced on Thursday it will be acquired by a hedge fund.
There are to be no redundancies of the 31,000 employees at The Journal Register Co in a takeover by Alden Global Capital.
After a series of bankruptcies ending in mid-2009, the publisher expanded from print into the multimedia digital world.
Since then, it has seen growing digital revenues of about 70 per cent in the first quarter of this year and doubled its digital audience over the past year.
Journal Register Company's chief executive John Paton personally thanked employees for their efforts during the turnaround.
Speaking about Alden's acquisition, he added: "Our strategy is fast becoming a model for the future of journalism that can properly serve local communities and be economically self-sustaining and profitable."
Last week, it was revealed Instituform Technologies was expanding its presence in the Middle East following the completion of three acquisition deals.
The Missouri-based firm agreed to purchase UK firm Hockway Ltd and its sister company Hockway Middle East for around $4.6 million (£2.8 million). 
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