Paxton Media has rationalised its mastheads with the sale of two Iowa newspapers it bought earlier this year.
The sale of Southwest Iowa Publishing Company to J. Louis Mullen’s Red Oak Publications will allow Paxton to focus on its current footprint, chief executive Jamie Paxton said.
Mullen is part of a second-generation newspaper family which includes two brothers who also own newspaper companies individually. He owns newspapers in seven states in the upper Midwest to the West Coast and sits on the board of the National Newspaper Association.
The two Iowa newspapers were two of the 46 newspaper operations Paxton Media acquired from Landmark Community Newspapers earlier this year, and Jamie Paxton said they thought they would be better served by an owner with closer geographic ties.
Dirks, Van Essen & April represented Paxton Media Group in the transaction, terms of which were not disclosed.
Mullen says he has been “lucky enough to find success” in newspapers and would not pursue investments in it if he didn't see a bright future."
Founded in 1896, Paxton Media is family-owned and based in Paducah, Kentucky. It publishes 116 community newspapers in 13 states – 37 of which are daily newspapers – as well as related websites in each community. It also operates the NBC-affiliated TV station based in Paducah that serves the 84th largest DMA (of 210) in the US.