CENTRAL ISLIP, N.Y.—A group of company insiders has bid $22.4 million for most of the assets of Ohio-based newspaper chain Brown Publishing Co. But the bidders will have to wait a week to learn if the sale will be approved.
A newly formed Brown Media Corp., led by Roy Brown—the current president and CEO—made the bid for the newspaper chain’s assets during an auction that ended Tuesday.
U.S. Bankruptcy Court Judge Dorothy Eisenberg heard about three hours of testimony at a hearing on Long Island. She postponed the hearing a week to review paperwork submitted Thursday.
The sale involves company assets in Ohio, New York, Texas, South Carolina, Illinois, Iowa, Colorado, Utah, Arizona and Wyoming. Among the publications is Dan’s Papers, a popular Hamptons-based weekly.
