A.H. Belo is exploring the sale of The Providence Journal to concentrate on growth of its hometown Dallas Morning News.
The sale “would allow the company to continue to focus resources and management time and attention on its core Dallas market,” said a statement from the company.
ProJo proceeds would “buy advertising and marketing services companies to grow and diversify revenues and to finance further share repurchase in the future."
Belo bought the 184-year Providence daily in 1996.
Howard Sutton, CEO of ProJo Co., said, “Ownership of our news organization may change, but the mission of The Providence Journal remains unwavering: to operate an independent and profitable news organization of unquestioned integrity devoted to the dissemination of excellent journalism in Rhode Island,” according to a report in his Dec. 4 paper.
Belo is using Stephens Inc. to broker a deal for the paper, which is the oldest continuous published daily in the U.S.
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