Village Voice and New Times Deal Closes Two Newspapers

Posted on October 4, 2002

Village Voice Media, LLC and NT Media, LLC, two alternative newspaper publishers, have announced a transaction that will allow Village Voice Media and NT Media to strengthen their competitive positions in two markets. Under the arrangement, VVM has acquired certain assets of New Times Los Angeles and NT Media has acquired certain assets of Cleveland Free Times. Both the New Times Los Angeles and Cleveland Free Times will cease publication in the process.

Cleveland Free Times, a Village Voice Media newspaper, will discontinue publication immediately. New Times Los Angeles, a New Times publication, will also discontinue publication immediately. The agreement allows the LA Weekly and Cleveland Scene to become the dominant alternative newspapers in their markets.

David Schneiderman, Chief Executive Office for Village Voice Media, and Jim Larkin, Chairman and Chief Executive Officer for NT Media, in a joint statement said, "Though we regret closing newspapers, through this transaction we have been able to strengthen our respective competitive position in two important markets. As a result, both LA Weekly and Cleveland Scene will better serve the needs of the readers and advertisers in their communities. We are proud of the accomplishments of the staffs at Cleveland Free Times and New Times Los Angeles and hope that many of them will find employment in our respective companies."

New Times has papers in Phoenix, Denver, Miami, Dallas, Houston, San Francisco, Oakland/Berkeley, Broward/Palm Beach, Cleveland, St. Louis and Kansas City. Village Voice Media's newspapers include The Village Voice, LA Weekly, Seattle Weekly, City Pages (Minneapolis-St. Paul), OC Weekly (Orange County, CA), and Nashville Scene.