Christmas Eve came and went, but the potential deal to save the East Valley Tribune did not materialize as expected.
Earlier this month, a spokesman for the Mesa newspaper’s parent, Freedom Communications, said Dec. 24 would likely be the day the company would tell a federal bankruptcy court about the deal it hopes to strike with a Colorado businessman wanting to buy the Tribune.
But late Thursday, after nothing had been filed with the court, company spokeswoman Maya Pogoda said attorneys “have not finalized the agreement” with hopeful buyer Randy Miller.
Pogoda did not elaborate on what caused the delay or when the company now plans to disclose the details of the bid.
Freedom had threatened to shutter the Pultizer Prize-winning publication on Dec. 31, but has since said it would keep it open while the company tries to negotiate with buyers.
Once Freedom tells the court about the bid by Miller, the judge will open up a public auction in which anyone can offer to buy the newspaper. The court, then, will ultimately decide which bid best serves Freedom’s Chapter 11 bankruptcy case.