Times-Shamrock to Sell Newspapers, Keep Radio

Times-Shamrock Communications announced plans Monday to diversify media holdings, invest in its core newspaper market and sell off daily properties in Towanda, Shamokin, Petersburg, Va., and the Virgin Islands.

George V. Lynett Jr., publisher of The Times-Tribune and CEO of Times-Shamrock, told employees of the Scranton-based company of a long-term strategic plan to invest in people and technology in the core print market which includes The Times-Tribune, The Citizens’ Voice in Wilkes-Barre, Standard-Speaker in Hazleton and The Republican-Herald in Pottsville, as well as the company’s local community newspaper group, commercial printing operation and radio division.

“This is a very positive message for our core,” Mr. Lynett said. “For a long time we’ve known we need to diversify in order to achieve sustainable growth. This is an investment in the local markets and in that type of growth.”

The company has put up for sale four of its daily newspapers, The Daily Review in Towanda, The News-Item in Shamokin, The Progress-Index in Petersburg, Va., and The Virgin Islands Daily News in the U.S. Virgin Islands.

In addition, the company’s five out-of-state alternative weeklies are also up for sale including City Paper in Baltimore, Cleveland Scene, Metro Times in Detroit, Orlando Weekly and San Antonio Current.

George Lynett Jr.

“All of these papers have been strong, profitable investments for us for many years,” Mr. Lynett said. “We have enjoyed operating in these diverse markets and the decision to sell was difficult.

Cribb, Greene & Associates, a leading merger-and-acquisition firm in the U.S. newspaper industry based in Bozeman, Mont., will handle the sales process of the daily newspapers.

Don Farley, regional general manager, informed employees in Wilkes-Barre and Hazleton on Monday about the company’s decision to sell off some out-of-market properties and refocus on the local print and radio properties.

“We believe that with smart investments in technology and people we can grow our audience, clients and revenues at The Times-Tribune, The Citizens’ Voice, Standard-Speaker and Republican-Herald and radio markets,” Mr. Farley said.

Times-Shamrock owns stations in Scranton, Baltimore, Tulsa, Milwaukee and Reno, Nevada.