News-Gazette Media (Champaign ,
Illinois ) is
being sold to family-owned Champaign Multimedia Group, an affiliate company of
Community Media Group, the News-Gazette reported.
The sale is
expected to close in November.
CMG, based
in West Frankfort , Illinois ,
owns and operates community papers in several Midwestern states, including Illinois , Indiana and Iowa , as well as newspapers in Michigan ,
Pennsylvania and New York .
The
purchase of News-Gazette Media will include three Illinois radio stations:
WDWS, WHMS and WKIO, along with weekly newspapers, free-distribution shoppers
and websites serving Mahomet, Rantoul, Ford County, Piatt County and Vermilion
County, said News-Gazette Media CEO John Reed, the paper reported.
As part of
the sale process, News-Gazette Media filed voluntary petitions for relief under
Chapter 11 of the U.S.
bankruptcy code, the News-Gazette said. Staff was provided with formal notice
of a possible layoff planned to happen in the 14-day period starting Oct. 31.
CMG
indicated that it’s working on plans to rehire a number of News-Gazette Media
employees after the sale, the paper said.
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