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Toledo, OH Businesses For Sale Bold labels are required. Please enter a valid email address. Please enter a valid phone number. You may use 0-9, spaces and the ( ) - + characters. Brief description of your legal issue Please verify that you have read the disclaimer. I have read the The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form. Helping Clients With Real Estate And Business Transactions For your real estate and business law needs, you can benefit tremendously from having local representation. At Mockensturm, Ltd in Toledo, Ohio, we offer skilled representation from local attorneys who are plugged in to the local business climate and the local real estate market. From protecting your financial well-being in a business transaction to making sure you receive the most favorable terms in a real estate transaction, our team approach can work for you.
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Beginning February 1, join us for a Black History Month Read-In, special programs, and activities for all ages. Need Help with Your Taxes? Check out our guide to trustworthy resources for filing your taxes, and take the stress out of tax season. Doing Business with the Library The Toledo Lucas County Public Library purchases goods and services for ongoing operations. It also employs general contractors to build and renovate its various facilities.The family that owns The News & Observer of Raleigh, N.C., said yesterday that it had agreed to sell the newspaper, one of the few remaining larger independent dailies in the South, to McClatchy Newspapers Inc. of Sacramento, Calif., for $373 million. McClatchy owns 12 dailies, including The Sacramento Bee and The Anchorage Daily News. It is known as a publisher of quality newspapers with a liberal political bent. The News & Observer, which has been in the same family since it was bought by Josephus Daniels at a bankruptcy sale in 1894, was, until yesterday, one of the few family-owned papers that newspaper people thought might be able to buck the national trend of chain ownership.
Known in the 1960's as one of a handful of Southern newspapers that supported the civil-rights movement, the paper and the Daniels family have long had a reputation for integrity and aggressive journalism. For years, the paper's admiring nickname was The Raleigh Nuisance and Disturber. In recent years, the paper has been known for one of the most sophisticated applications of technology in the industry. In a bittersweet emblem of the changing times for American newspapers, The News & Observer reported its own sale yesterday on its electronic "newspaper" on the Internet, The NandO Times. It is believed to be the first newspaper to deliver such news about itself digitally. By midmorning yesterday, The NandO Times carried a color photograph of Frank Daniels 3d, the newspaper's 39-year-old executive editor and the great-grandson of Josephus Daniels, telling his reporters and editors about the sale of the News & Observer Publishing Company. Frank Daniels Jr., the 63-year-old publisher, said no family divisions led to the sale.
But he said company managers had concluded that the paper would probably not be able to remain in private hands during the next decade or so as the industry changed and the business passed to a fourth generation of the family. To protect the paper as an institution, he said, family members had concluded that they would be better off selling to McClatchy, a newspaper company with similar political and journalistic traditions. "From a historical standpoint, sure I feel some sadness," the elder Mr. Daniels said. "But at the same time, I feel we're doing the right thing." Mr. Daniels said he and many others in Raleigh recognized that the sale meant the end of a tradition that went back more than 100 years to his fiercely independent but partisan Democratic ancestor. Josephus Daniels, like many of his successors, won national prominence. He served as Secretary of the Navy under President Woodrow Wilson, and Franklin Delano Roosevelt served as his assistant secretary. McClatchy will pay $250 million for the stock of the company and will assume $123 million in debt.
Included in the sale are seven smaller publications in North Carolina owned by the company. Frank Daniels Jr. will continue as publisher of The News & Observer. It was not clear what role his son might have at the paper, though he said he would like to remain. With revenue of $107 million last year, the News & Observer company is much smaller than McClatchy, which had 1994 net income of $46.6 million on revenue of $471 million. Analysts said that McClatchy appeared to have paid generously, about 10 times what they estimated was the company's cash flow. Many publicly held newspaper companies trade at about seven times cash flow. McClatchy, which went public in 1988, is controlled by descendants of James McClatchy, an Irish immigrant who worked for Horace Greeley at The New York Tribune and then went west during the Gold Rush. He acquired The Sacramento Bee in 1857. Though McClatchy's stock is traded on the New York Stock Exchange, an ownership structure that includes two classes of stock has left effective control with the McClatchy family.
Yesterday, McClatchy's class A shares closed at $23, down 25 cents. Measured by daily circulation, McClatchy was the 17th-largest newspaper group in the country before the acquisition, according to the Newspaper Association of America. The Raleigh paper, with a daily circulation of 151,840, will not appreciably raise McClatchy's rank. Still, analysts said The News & Observer was attractive partly because it is situated in a growing area. In addition, they said, The News & Observer's reputation for technological innovation would give McClatchy a solid base to move into electronic publishing. Separately yesterday, McClatchy announced that James McClatchy, 74, who has been chairman since his brother, C. K. McClatchy died in 1989, was stepping down. He will stay a member of the board and retain his title as publisher of the company's newspapers. The company's chief executive, Erwin Potts, who is 63, will become chairman. Mr. Potts said McClatchy had been drawn to The News & Observer mostly because it was a "good newspaper in a good market" and because it would permit McClatchy to be less reliant on the California economy, where most of its newspapers are situated.
Mr. Potts said the purchase was one of the biggest McClatchy had ever made, but he said he did not foresee a broad expansion. "We have no interest in being a huge, big newspaper company," Mr. Potts said. "We've always wanted to be more quality minded than quantity minded." Mr. Potts served on The News & Observer's board until March. Frank Daniels Jr. said he asked Mr. Potts not to attend a board meeting in March when the newspaper's operating committee suggested that the board might consider a possible sale, though there was no suitor at the time. Mr. Potts stepped down from the board. Both men said Mr. Potts later expressed interest in buying the paper. Mr. Daniels said his family did not discuss a sale with any other companies and that McClatchy "came up with just enough money to keep us from going somewhere else." The news of the sale surprised many in the industry. But some journalists at The News & Observer said they had heard that several years ago, a branch of the family had pressed for a buyout of their shares.