Completes Sale of Star-News
MIAMI (AP) _ Knight-Ridder Inc. has completed its sale of the Star-News in Pasadena, Calif., and its suburban newspapers for approximately $55 million.
Proceeds of the sale will be used to reduce Knight-Ridder’s debt, according to a statement released Thursday by Knight-Ridder.
The Star-News was bought by Pasadena Newspapers Inc., owned by William Dean Singleton of Houston. Singleton also serves as vice chairman and chief executive officer of Media News Group.
The Star-News has daily circulation of more than 38,000, and Sunday circulation of about 43,000. Knight-Ridder purchased the Star-News, which employs about 200 people, in 1956.
The suburban papers included in the deal belong to the Foothill Intercity Newspapers group. Member newspapers include the Arcadia Tribune, the Duartean, the Monrovia News-Post and the Temple City Times, twice-weeklies with a combined circulation of about 24,000.