NEW YORK (AP) -- The sale of Journal Register, which owns newspapers in 10 states, to 21st CMH Acquisition Co., has been finalized, the company said Friday.
The sale stems from a bankruptcy auction that included 21st CMH as its only bidder. The purchase price is around $120 million.
21st CMH Acquisition Co. is an affiliate of funds managed by Alden Global Capital LLC. Alden, a New York hedge fund, acquired Journal Register last year. Alden has invested in various newspaper and media concerns, including Philadelphia newspapers, in recent years.
Journal Register filed for bankruptcy protection in September, for the second time in three years.
The company, based in Yardley, Penn., has 18 newspapers and other media properties, including the New Haven Register in Connecticut, The Oakland Press in Pontiac, Mich., and The Daily Local News in West Chester, Pa.