Brown Publishing Company

Summary

Financial Advisor

Cincinnati, OH

Brown Publishing Company was a privately owned Cincinnati, Ohio, newspaper business started by Congressman Clarence J. Brown in Blanchester, Ohio in 1920.

CMA professionals were engaged as the financial advisor to the Senior Lenders of Brown Publishing Company and advised the Lenders through the 363-sale process. After the Lenders purchase of the BPC assets, CMA was engaged as CEO and CFO of Ohio Community Media the resulting “NewCo”.

Engagement Highlights

At the time of hire, the Company was a leading community media company with annual revenue of approximately $80mm and EBTIDA of approximately $12mm. The Company owned and operated seventy plus community titles in Ohio and nine business publications across seven states.
CMA successfully sold nine business publications and specialty magazines located in seven different states all within three months of marketing the assets.
In less than 4 months as CEO, CMA improved operating performance of the business saving hundred of thousands a year in annual costs by:
- Consolidated/moved offices and consolidated departments
- Closing unprofitable publications and renegotiating onerous leases
- Restructuring printing and manufacturing processes
The remaining assets of OCM were placed on the market approximately two months after purchase and CMA authored and lead management presentations to nine different potential buyers. The robust auction environment is significant for two major reasons:
- During the 363-sale process, no buyers outside of the previous owners and the Lenders bid on the complete assets due to concerns over the integrity of the Company’s books and records.
- The Industry was still struggling significantly and concerns over the future of community newspapers was still high.
OCM was sold in the early summer of 2011 to a financial buyer.

Brown Publishing Company

Summary

Financial Advisor

Engagement Highlights

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