Press-Banner sale approved in court

SACRAMENTO — Sale of the Press-Banner and two other newspapers for $1.25 million was approved Wednesday, March 28, by a federal bankruptcy judge in Sacramento.
The sale to H. Lee Wilcox of JP Media Partners in San Angelo, Texas, is part of a package that also includes two other weekly newspapers, the Patterson Irrigator and the Tracy Press, both in the Central Valley.
Bob Matthews, publisher since 1997 of the Tracy Press, the Press-Banner’s parent, said the sale was a positive for the company, which filed for bankruptcy protection in 2010.
“It’s a good day for all three of these papers and the communities they serve,” Matthews said.
Wilcox had originally agreed to buy the three newspapers from the Matthews family of Tracy for a total price of $1.01 million. Wednesday’s hearing was to determine if the bid was adequate and if any other bids would be submitted.
After San Francisco Examiner representatives topped Wilcox’s original bid in court Wednesday, Judge Christopher M. Klein opened back-and-forth bidding, which concluded with Wilcox prevailing.
Wilcox’s winning bid, totaling $1,246,500, contained $995,000 for the Tracy and Scotts Valley newspapers. His $251,500 original bid for the Irrigator, a sole subsidiary of the Tracy Press, was not included in the bidding and remained the same.
In addition, unspecified accounts receivable will be added to the purchase price.
The sales of the newspaper properties are expected to close by the end of April.
Wilcox is a veteran newsman and executive in newspapers, radio and specialty publications, mostly in Texas and California.
The Matthews family has owned the Tracy Press since 1943, the Patterson Irrigator since 2003 and the Press-Banner since 2005.