Written by The Business Journal Staff
(AP) — A judge has ruled that Digital First Media can pay $2 million less than planned for the Orange County Register and another Southern California newspaper.
Judge Mark S. Wallace approved the price reduction in bankruptcy court on Wednesday after undisclosed information surfaced that Digital First felt could impact the value of the Register and Press-Enterprise of Riverside.
Digital First was runner-up in an auction for the newspapers owned by bankrupt Freedom Communications. Its $52.3 million bid included $51.8 million in cash.
The Denver-based company owns the Los Angeles Daily News.
Tribune Publishing won the auction but was blocked from buying the newspapers after the government said the deal could create a newspaper monopoly in the region.
The deal is expected to close Thursday.
Lawyers for the Register and Digital First declined to say what information led to the price reduction.