Times-Shamrock selling newspaper group, including Republican Herald
Aug. 31—Times-Shamrock Communications sold its newspaper group, including the Republican Herald, to publishing giant MediaNews Group, effective Thursday, CEO Jim Lewandowski announced.
The sale, revealed during an all-staff Zoom meeting, includes the company's four daily newspapers — The Times-Tribune, The Citizens' Voice, the Republican Herald and the Standard-Speaker — as well as its weekly and periodic newspapers, commercial printing operations, Absolute Distribution Inc. and Times-Shamrock Creative Services.
Included in the sale is the real estate for the printing operation in Scott Twp. and where publications are based in Hazleton, Pottsville, Tunkhannock and Wilkes-Barre.
It does not include Times-Shamrock's radio or billboard operations, or the Scranton Times Building at 149 Penn Ave., Scranton.
The decision to sell the newspaper group was made by a majority of Times-Shamrock's four voting shareholders, but was not unanimous, publisher emeritus George V. Lynett said. He declined to disclose the sale price, but expressed his immediate family's disappointment.
Colorado-based MediaNews Group is owned by Alden Global Capital, an investment firm with extensive newspaper holdings.
"I wish the new owners well, but it is a very sad day for my family and me," George V. Lynett said.
He made those remarks on behalf of himself and his children, George V. Lynett Jr., Sheila Stallman, Jimmy Lynett and Sharon Lynett.
Times-Shamrock's nine-member board of directors voted unanimously to recommend the sale to the four voting shareholders, the majority of whom approved it, board chairman Bill Goodspeed said.
Those shareholders are George V. Lynett, William R. Lynett, Cecelia Lynett Haggerty and Edward J. Lynett Jr.
George V. Lynett opposed the sale.
Goodspeed called the decision "difficult for a lot of people," noting numerous headwinds facing the industry, including declining readership and circulation and advertising revenue.
The former owners and the board felt somebody else would be better at keeping the newspaper assets "healthy and going," Goodspeed said. "As a result, there was not only financial motivation for the sale, but also psychological and emotional motivation."
MediaNews Group is offering employment "to virtually all of the employees, except for a few crossover team members who serve both print and radio, with whom we will be speaking to directly," a document provided to employees notes.
It's not clear how many employees won't be offered employment.
The new owners agreed to recognize the unions representing former Times-Shamrock employees.
Attempts to reach MediaNews Group representatives were unsuccessful.
"The decision to sell our newspapers in Northeastern Pennsylvania was a difficult one for our entire family," a statement from the Lynett-Haggerty family reads. "We are deeply grateful to our loyal employees, our readers, and our advertisers who have supported us over the years."
