Champion completes newspaper sale - Beckley, Bluefield & Lewisburg News, Weather, Sports

Champion completes newspaper sale

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Champion Industries closed the sale of The Herald-Dispatch daily newspaper in Huntington on Friday, July 12.

The buyer was HD Media Company LLC, headed by Doug Reynolds, son of Champion chairman and CEO Marshall T. Reynolds. Doug Reynolds also is a member of the West Virginia House of Delegates.

The sale price was $10 million, or approximately $9,700,000 net of selling commissions and pro-rated taxes, according to a document Champion filed with the Securities & Exchange Commission. Champion said it will use proceeds from the sale to pay down term debt and the revolving credit line.