Champion to sell The Herald-Dispatch to CEO's son
Champion Industries to sell The Herald-Dispatch to CEO Marshall Reynolds' son Douglas
HUNTINGTON, W.Va. (AP) -- Champion Industries Inc. plans to sell The Herald-Dispatch to a West Virginia lawmaker who's the son of Chairman and CEO Marshall Reynolds.
Champion says in a recent filing with the Securities and Exchange Commission that it entered into a letter of intent on June 18 to sell the Huntington newspaper to Douglas Reynolds for $10 million cash.
Douglas Reynolds is a member of the House of Delegates representing Cabell County. As part of the transaction, he will assume the newspaper's current debts. He has deposited $2 million in escrow for the sale.
The sale is expected to close on or before July 15.
Champion acquired The Herald-Dispatch from GateHouse Media in 2007 for $77 million.
