Irvine-based Freedom Communications Inc., publisher of the Orange County Register, said it’s considering offers to buy parts of the company.
Freedom, which owns eight TV stations and about 100 daily and weekly newspapers around the country, didn’t say what parts of the business could be seeing buyer interest.
The company said it has received some offers from potential buyers it declined to name.
Any potential sales could reflect maneuvering by Freedom’s largest shareholder, New York-based Angelo Gordon & Co.
The investment firm, which has specialized in buying debt in struggling media companies and converting it to ownership stakes in recent years, joined others in taking control of Freedom after the company filed for bankruptcy in late 2009.
Freedom earlier this year emerged from bankruptcy, a process that allowed it to shed more than half of its $770 million in debt.
Angelo Gordon holds a controlling interest in Freedom and significant stakes in a number of other media companies with large daily newspapers.
The company is in line to convert debt into a major stake in Chicago-based Tribune Co., which owns the Los Angeles Times and is under bankruptcy protection.
Having Angelo Gordon as a leading shareholder of Tribune could open the door to joint operations between the Times and the Register.
That could suggest Freedom is looking to sell off other parts of the business to focus on the Register, the biggest piece of the company.
The Register and Times already have gotten together on distribution, with the Times delivering the Register. Reports have indicated that deeper ties have been discussed.
The indication that Freedom will consider selling individual properties or divisions also leaves the door open for more combined efforts between the Register and the Times.
