City Desk

Who Will Own City Paper? We Just Found Out

auction
UPDATE 1628:Chicago Reader enters Atalaya Era after Creative Loafing loses its last bid in bankruptcy court (Chicago Reader)

UPDATE 1535: Creative Loafing chain sold to biggest creditor for $5 million (Atlanta Journal-Constitution)
UPDATE 1459: Washington City Paper Now Owned by Atalaya Capital (DCist)
Atalaya outbids Eason, assumes control of Creative Loafing (Creative Loafing Tampa)
UPDATE 1332: Hedge Fund Atalaya buys Creative Loafing in equity auction (Tampa Bay Business Journal)

UPDATE 1256: New York equity firm snaps up Tampa's Creative Loafing (Tampa Tribune/TBO.com)

UPDATE 1240:Chicago Reader Has New Owners (Chicago Reader)

UPDATE 1236:Tampa's Creative Loafing chain taken over by hedge fund Atalaya (St. Petersburg Times/tampabay.com)

UPDATE 1229: Atlanta Creative Loafing says Atalaya won.

UPDATE 1223: Chicago Reader calls it for Atalaya.

UPDATE 1218: Unconfirmed Twitter chatter is that Atalaya has won.

In Tampa, Fla., Judge Caryl Delano has begun the process of deciding who will own Creative Loafing, the newspaper chain that purchased Washington City Paper and the Chicago Reader in July 2007 and filed for Chapter 11 bankruptcy 14 months later. Creative Loafing CEO Ben Eason is bidding for the company, as is Atalaya Capital Management, which loaned Eason $30 million toward the original purchase.

Here are some links to current stories about the proceedings; I'll update them as new information becomes available.

Creative Loafing Auction Goes to Judge Today (Editor & Publisher)

Creative Loafing equity auction is underway (Creative Loafing Atlanta)

Reader Bidder Would Bring Jim O'Shea Back to Chicago Media (Chicago Reader)

Creative Loafing's publisher may lose chain of weeklies today (Tampa Tribune/TBO.com)

Will Creative Loafing's fate be decided today? (tampabay.com)

Battle to control Creative Loafing is heating up (Creative Loafing Atlanta)

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Comments

  1. #1

    sadness? cautious celebrations? business as usual?

  2. #2

    So is this the end of the WCP?

  3. #3

    No. The only one who lost their job today was Ben Eason.

  4. #4

    Woo-hoo? Anxious for the rest of the story.

  5. #5

    I guess we don't have to run those Megan Fox blog posts? Right?

  6. #6

    Congratulations! I think?

    Either way, Ben Eason can get fucked.

  7. #7

    GET FUCKED BEN EASON!

  8. #8

    Eason: subconscious seppuku by low valuation?

  9. #9

    Good riddance Easons, and good luck City Paper...

  10. #10

    Why are you linking to other publications' reports? Aren't you doing your own reporting on your own future? Weird. DCist breaks the news on who owns City Paper? Pick up a phone, dude.

  11. #11

    Best of luck, City Paper! Atalaya, you have a great bunch of people there. Listen to them!

    Karma's a bitch, isn't it Eason? I told you two years ago when you announced the first round of layoffs that your numbers didn't make sense. Maybe if you had trusted your employees versus giving high-ranking positions to all of your friends, the situation may have ended differently.

  12. #12

    Before someone jams the CP site, I want to say that Wemple, Cherkis, and DeBonis rule (as well as numerous layed-off departed CP reporters). Good luck.

  13. #13

    hey now that eason's gone, maybe you could quit aggregating on this story and actually write something.

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