Michael Schroeder did not need super powers to save the day for some Connecticut newspapers, just a big bank account.
Schroeder has stepped forward to purchase The Herald of New Britain and The Bristol Press. The financially troubled Journal Register Publishing Co planned the stop the presses in less than two weeks.
Schroeder, who worked at Long Island's Newsday for 15 years in various positions, has signed a letter of intent to buy the papers. The deal also includes the purchase of three weekly papers -- the Wethersfield Post, the Newington Town Crier and the Rocky Hill Post.
The sale price was not announced.
The 50-year-old Schroeder says he intends to boost the newspapers' profile in the New Britain and Bristol areas and improve their Web pages. He said he believes they can be profitable.
The sale, he said, should be completed within the next 10 days.
Journal Register had said it would shut down the papers after their Jan. 16 issues if a buyer wasn't found.
Journal Register and several other newspaper companies have been struggling with massive debt and declining ad revenues and circulation.
“I am thrilled to learn that the New Britain Herald and the Bristol Press will continue to operate under new ownership. These papers are institutions, reporting on the pulse of these cities and documenting their rich histories," Congressman Chris Murphy said in a news release. "And as business closings and layoff announcements are common headlines these days, it’s heartening to see that these jobs will be spared and the press rooms won’t be idle."
Copyright Associated Press / NBC Connecticut
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