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A California newspaper publisher says he believes he has the means to make a better offer for the East Valley Tribune and its sister newspapers than the one announced Tuesday in federal court.
Stephen Hadland, the chief executive of the Santa Monica Media Company, would not disclose how much money he plans to offer. But he said he thinks his pitch will be more attractive than the $2.05 million being offered by Colorado newspaperman Randy Miller.
Miller’s bid was revealed Tuesday in federal court in Delaware as part of the bankruptcy process for Freedom Communications, which currently owns the newspapers. The media giant wants to sell all of its papers in the Phoenix metro area to help pay off part of its $1 billion debt.
Under the rules of bankruptcy, Freedom must put the newspapers up for public auction and let a judge determine which bid is best. Hadland said he expects to put up enough cash from investors in the next three weeks to make a serious challenge to Miller’s bid.
“I feel very confident,” Hadland said. “I’ve had six months to work on this and I have a half dozen investors and financers lined up.”
