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Champion to sell The Herald-Dispatch to CEO's son

HUNTINGTON, W.Va. (AP) -- Champion Industries Inc. plans to sell The Herald-Dispatch to a West Virginia lawmaker who's the son of Chairman and CEO Marshall Reynolds.

Champion says in a recent filing with the Securities and Exchange Commission that it entered into a letter of intent on June 18 to sell the Huntington newspaper to Douglas Reynolds for $10 million cash.

Douglas Reynolds is a member of the House of Delegates representing Cabell County. As part of the transaction, he will assume the newspaper's current debts. He has deposited $2 million in escrow for the sale.

The sale is expected to close on or before July 15.

Champion acquired The Herald-Dispatch from GateHouse Media in 2007 for $77 million.