January 7, 2012
Ohio Community Media, LLC (OCM), an affiliate of Versa Capital Management, Inc. today announced that it has acquired substantially all assets of Ohio Community Media, LLC., the parent company of The Delaware Gazette. Ohio Community Media owns and operates newspapers, publications and websites that serve communities in central, northern and western Ohio. Terms of the sale were not disclosed.
“The future of news is local, and these media outlets have a long tradition of serving their communities with locally-focused content,” said Scott T. Champion, president and CEO of OCM, and a community newspaper veteran who joined OCM effective with the closing. “We see great opportunity in OCM and the community newspaper industry, and are pleased to conclude this transaction,” Champion added.
Champion has spent his career in the industry and has a history of driving positive financial and editorial results from community newspapers, even during difficult economic times, according to a written release.
Gregory L. Segall, CEO of Versa Capital added, “We are excited to partner with Scott Champion as OCM now moves forward as a well-capitalized, independent community newspaper chain continuing to serve its core base of readers in northern, central, and western Ohio.”
Dechert LLP provided legal counsel to Versa Capital Management during the transaction.
Ohio Community Media owns and operates 14 daily newspapers, 30 weeklies and a collection of shoppers and niche publications, as well as various online applications. The company serves communities in northern central and western Ohio.
Versa Capital Management, Inc. is private equity investment firm with $950 million of committed capital focused on control investments in special situations involving middle market companies in a wide variety of industries throughout the United States.