Waxahachie Daily newspapers being sold to foreign investors
By 02/01/2007 00:00:00
‘American' newspapers sold to ‘Australians'
WAXAHACHIE - The increasingly common practice of U.S. businesses being consumed by foreign investors has not escaped Ellis County.
The Waxahachie Daily Light and its weekly sister papers: the Ellis County Chronicle, Ennis Journal, Midlothian Mirror, Italy News-Herald, Alvarado Post and its monthly specialty magazines were most recently owned by Dallas-based American Consolidated Media., but Australian-based Macquarie Media Group announced last Wednesday they purchased American Consolidated Media's entire company of five daily papers, including the Daily Light, 19 weeklies and 16 'shopper' newspapers in Texas and Oklahoma for $80 million.
Several Ellis County cities including Ferris, Red Oak and Waxahachie use the Daily Light as their official paper, publishing legal notices and other government required ads within its classified pages.
'The acquisition is part of a broader strategy to acquire and grow a portfolio of community newspaper businesses in the United States,' stated Alex Harvey, Macquarie Media Group managing director in a press release.
He said community newspapers offer the opportunity to generate a reliable cash flow from local advertisers, despite low circulation numbers and classified advertising sales.
Macquarie Media also owns 60 percent interest in a major Taiwan cable station and was the largest owner/operator of Australian radio stations.
The Ellis County Press, Red Oak Record and Ennis Daily News were the only three remaining papers in Ellis County owned by Americans.
The Ellis County Press and the Red Oak Record are also owned by Ellis County residents.
Waxahachie Daily Light Publisher Neal White did not return messages asking for comment on the sale.