Freedom Communications To File For Bankruptcy This Week

New York, NY (AHN) – Freedom Communications, the owner of more than 30 newspapers and eight TV stations across the country, is expected to file for bankruptcy this week, possibly as early as Tuesday.

The owner of the Orange County Register in Santa Ana, CA, may hand off ownership of the media empire to its two largest lenders, the Blackstone Group and Providence Equity Partners. The transaction would wipe out the investment groups’ 45 percent equity in the company.

The Hoiles family is majority owners of Freedom, which was founded more than 70 years by R.C. Hoiles.

Cutbacks were already underway at Freedom. In July, salaries were cut 5 percent at WPEC in South Florida. That followed layoffs in January and unpaid one-week leaves in March.

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