Virgin Islands-based businessman Archie Nahigian has purchased The Virgin Islands Daily News and its affiliated publications, websites and business operations from Times-Shamrock Communications of Pennsylvania.
Nahigian, who becomes president of Daily News Publishing Co., Inc. effective today, lauded the tradition of excellence at the newspaper.
“The Daily News has been a vital institution in the lives of Virgin Islanders since its founding on Aug. 1, 1930. I consider it a great privilege to be entrusted with this responsibility, and I hope to prove a worthy steward of that legacy,” he said.
Daily News publisher Jason Robbins said the ownership transition is running smoothly and that current managers, employment terms and operating procedures are remaining in place.
Nahigian, originally from California, recently relocated to St. Thomas from Lanai, Hawaii. He is a graduate of Georgetown University and Georgetown Law School and spent more than a dozen years as a top-level aide on Capitol Hill in Washington, D.C. Since entering the private sector, he has worked as a director, executive and consultant to privately held companies in California, New Jersey, Maryland and Hawaii.
“I am proud to call St. Thomas my new home and look forward to working with our readers and advertisers to make The Daily News an even more effective voice and active participant in the life of our community,” he said.
The Daily News has been in continuous operation since Aug. 1, 1930. It is produced by Daily News Publishing Co., Inc., which also publishes Island Trader, Best of V.I., Crucian Trader, Love City Trader, Virgin Islands How-To Guide and dozens of other print and online titles. The Daily News has earned dozens of national journalism honors including the American Bar Association Silver Gavel Award and the Pulitzer Prize for Public Service, the highest award in American journalism.
The sale of The Daily News closed Tuesday and was brokered by Cribb, Greene & Associates, a leading merger and acquisition firm in the U.S. newspaper industry. Terms of the deal were not disclosed.
Times-Shamrock, a 119-year-old family-owned business headquartered in Scranton, Pa., put The Daily News and a number of other daily and alternative weekly newspapers on the market last year as part of a strategic plan to divest some of its national media holdings.
Cribb, Greene & Associates is a ninety-one year old newspaper brokerage, appraisal and consulting firm with offices in Charlottesville, VA, Helena, MT, and Neosho, MO.