CINCINNATI (AP) - Newspaper publishers Brown Media Holdings Co. and Brown Publishing Co. have filed for Chapter 11 bankruptcy relief and plan to sell their assets to a bidder chosen by the companies.
The Cincinnati-based, family-owned companies filed Friday in the U.S. Bankruptcy Court for the Eastern District of New York.
They say the unnamed 'stalking horse' bidder will assume most liabilities.
The sale involves all the companies' assets in Ohio, New York, Texas, South Carolina, Illinois, Iowa, Colorado, Utah, Arizona and Wyoming.
The companies operate 18 daily newspapers, 27 weekly newspapers and other publications in the states.
Chief Executive Roy Brown says the decision was made to help ensure the businesses are "best positioned to prosper in the years ahead."
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