The Journal Register Company (JRC), whose extensive portfolio of local and regional U.S. news titles includes the New Haven Register and The Trentonian has filed for Chapter 11 bankruptcy.
Parent company Digital First Media (DFM) confirmed the news on Wednesday and also revealed that it was to sell the company as soon as possible. It is hoped that an auction and sale will be finalised within the next 90 days and 21st CMH Acquisition Company, an affiliate of the Alden Global Capital hedge fund that owns the JRC, has already signed "a stalking horse bid" for the company
Under the direction of DFM’s CEO, John Paton, the Journal Register Company has been steadily making a name for itself as one of the leading innovators of the U.S. news industry. Paton’s firmly held conviction that the future will see print newspapers give way to digital models has seen JRC’s investment in digital ventures rise during his tenure. Since 2009 digital expenses at the company have risen by 151 percent, at a time when general expenditure was greatly reduced.