Another traditional media company is reeling financially.
Freedom Communications Inc., which publishes the Orange County Register and more than two dozen weeklies, has filed for bankruptcy.
It’s the second time in six years that Freedom has filed for bankruptcy, as the publisher focused on its print product just as digital communications were starting to grow considerably.
Rich Mirman, Freedom's CEO and publisher, and other local investors plan to reorganize the company's finances and assume ownership, according to the Associated Press.
Mirman told the AP that he expects the bankruptcy case to have no impact on the company’s the day-to-day operation. Staffing will remain intact.
That means that, for now, PR pros and communicators will be able to maintain relationships with reporters and editors at Freedom Communications’ media products, but that might change following bankruptcy proceedings.
"We're turning the page and starting a new chapter," Mirman added, to the AP. "We've gone through a few rocky years and we need to redefine ourselves."
The company expects to turn a profit in 2015 after losing $40 million-plus in the previous two years, he said.
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