Reuters is reporting. Apollo has been competing with Cerberus Capital Management LP in the auction for the Digital First properties.
Regardless of which company walks away with Digital First -- and the Reuters report says that nothing is final, and that none of the principals are talking -- one thing seems certain: more change.
Even though newspaper readership is declining, buyout firms say they believe they can squeeze out a profit through cost cuts and new digital offerings.
Digital First Media owns 76 newspapers across the nation including the Post, The Boulder Daily Camera, The Longmont Times-Call, The St. Paul Pioneer Press and the San Jose Mercury News. When it announced the sale last September, editor Larry Rickman posted this on Twitter:
For sale: Shiny, new newsroom. Low miles. Move-in condition. Still has that new newsroom smell. http://t.co/FZvkKWuwmr— Larry Ryckman (@larryryckman) September 12, 2014
Digital First formed in December 2013 after the merger of Media News Group and the former Journal Register Company. It's now controlled by the hedge fund Alden Global Capital.