Birmingham, Ala. -- James M. McGinnis, a former owner of the Duluth Budgeteer News, has formed a new company and purchased 22 newspapers. The company, Heartland Publications, LLC, bought the newspapers from Community Newspaper Holdings, Inc. Terms of the transaction, which was finalized April 2, were not disclosed.
Heartland Publications is acquiring CNHI's newspapers in Thomaston, Ga; Harlan, Hazard, Leitchfield, Middlesboro, Prestonburg and Russellville, Ky.; Apex, Clinton, Elizabethtown, Fuquay-Varina, Garner, and Lumberton, N.C.; Gallipolis, Pomeroy and Portsmouth, Ohio; Altus, Durant and Frederick, Okla.; Lafayette and Tazewell, Tenn., and Point Pleasant, W.V.
In January, McGinnis and his partners sold Murphy McGinnis Media to Superior Publishing Corporation, a portfolio company of MCG Capital Corporation of Arlington, Va. That company operates the 16 Murphy McGinnis newspapers across the region, including this one. McGinnis remains on the board of directors and is a consultant for MMM.
While his new company is based in Ponte Vedra Beach, Fla., McGinnis retains ties to the Northland as chair of APEX, the new, regional economic development agency that was created from initiatives at former Mayor Gary Doty's Economic Summit in 2000.
"I am very proud of what the private sector had done with the creation of APEX, and I feel privileged to be a part of it," McGinnis said. "My commitment as chair of APEX will not be diminished by business obligations elsewhere. APEX remains a top priority for me."
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In addition to McGinnis, who is president and CEO, investors in Heartland Publications are Wachovia Capital Partners and the Wicks Group of Companies. Wachovia, based in Charlotte, N.C., is the principal investing arm of Wachovia Corporation and has invested more than $2.5 billion since 1998. The Wicks Group is a New York-based private equity firm focused on selected segments of the communications, information and media industries.
Upon completion of the planned sale, CNHI will still operate 87 daily newspapers, 49 non-daily and 155 specialty publications in 20 states.
