Huntington, West Virginia-based HD Media is buying the Charleston Gazette-Mail after U.S. Bankruptcy Judge Frank Volk approved the sale of the newspaper March 9.
Charleston Newspapers attorney Brian Audette said both parties hope to finish the sale by the end of March, the paper reported.
Wheeling-based Ogden Newspapers withdrew its bid to purchase the paper before an auction March 8. HD Media managing member Doug Reynolds said he bid $11.4 million for the paper. Ogden had originally bid $10.9 million. HD Media will pay to Ogden a $400,000 break-up fee, included in the $11.4 million bid.
Judge Volk asked Audette and Thomas Gilpin, representing HD Media, about employees' future at the paper. Gilpin said, "not everybody, but most people" would keep their jobs at the paper, but he didn't provide Volk details.
Doug Reynolds, an ex-member of the West Virginia House of Delegates who was a Democrat candidate for West Virginia attorney general in 2016, is the managing partner of HD Media.
Reynolds said he didn't have intentions to institute layoffs, and said the addition of the Gazette-Mail would be allow for new synergies with other HD Media operations, the paper reported.