Owner looks to sell Providence Journal
The Dallas-based company said it has hired an investment bank to seek potential buyers. Belo, which purchased The Journal in 1996, recently sold The Press-Enterprise, based in Riverside, Calif. The company also owns The Dallas Morning News.
In a statement announcing the company's move, Belo CEO Jim Moroney said The Journal has an unmatched commitment to the citizens of the state.
"However, with A. H. Belo's focus on investing and growing in Dallas, it makes sense to explore this opportunity," he said.
Belo says it won't sell the paper if it cannot find an appropriate buyer.
The Journal reports that its employees were informed of the possible sale Wednesday. Publisher and President Howard Sutton said the announcement begins "a new chapter" in the 184-year history of the paper. Like newspapers around the country, The Journal has contended with declining circulation and advertising revenue amid a quickly changing media landscape.
"Ownership of our news organization may change," Sutton said. "But the mission of The Providence Journal remains unwavering."
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