The parent of alternative weekly newspaper OC Weekly is being acquired by Phoenix-based New Times Media.
Village Voice Media, OC Weekly Media Inc.’s New York-based parent and publisher of the Village Voice and other alternative papers, is joining with New Media in a bid to create a national chain of alternative weeklies.
The combined company is set to publish free weeklies and Web sites in 17 of the largest markets.
OC Weekly, based in Santa Ana, is known for its entertainment coverage and stories about life and politics in the county.
Will Swaim, editor and publisher of the OC Weekly, called it “a great deal.”
“The New Times papers have a reputation for great journalism and good business; so do we,” he said. “I doubt there’ll be any major changes.”
Terms of the deal weren’t disclosed. The stock transaction values the combined company at $400 million, according to the New York Times.
The new company will go by Village Voice Media, though New Times shareholders will own 62% and its executives and directors will dominate.
The two anti-establishment publishers will have to clear anti-trust and other regulatory hurdles.
“I begin to regret all the terrible things we’ve said about the Bush administration,” Swaim said jokingly.
In 2002, the two publishers sought a pact to shut down unprofitable publications in Los Angeles and Cleveland, only to be stymied by the Justice Department. Regulators charged them with collusion.
