Reading Eagle sale to MediaNews Group expected to close by the end of June
The sale of the Reading Eagle Co. to MediaNews Group, also known as Digital First Media, is expected to close on June 30, employees have been told.
The sale of the Reading Eagle Co. to MediaNews Group, also known as Digital First Media, is expected to close on June 30, employees have been told.
MediaNews agreed to buy the mid-sized Pennsylvania newspaper out of bankruptcy for $5 million. The Reading Eagle employs about 220 people.
In the 1950s, author John Updike worked several summers as a copyboy at the Eagle and also wrote several feature articles.
Editor Garry Lenton and other newsroom employees recently interviewed for their jobs with the new employer, though specific cutbacks have not been disclosed.
MediaNews Group is controlled by New York hedge fund Alden Global Capital, which has a history for slashing workforce at the newspapers it controls. MediaNews also owns Philadelphia suburban newspapers in Norristown, Pottstown, West Chester and Delaware County, in addition to the Trentonian tabloid in New Jersey.