Media General Inc., which publishes the Richmond Times-Dispatch, is buying Powhatan Today for an undisclosed price, according to Gary Greene, of Cribb, Greene & Associates, who represented the seller in the transaction.
The transaction is scheduled to close today.
“We like the direction Media General is going with its community newspapers, especially in the Richmond area,” David S. Cole, who is also the paper’s publisher, said in an announcement that ran on the paper’s front page yesterday. “I think this is a perfect fit for both companies. This is an excellent opportunity for Powhatan Today to continue its growth.”
Cole founded the 4,500-circulation weekly in 1986.
Ray Kozakewicz, corporate communications manager for Media General, confirmed the article in Powhatan Today as accurate but said the company will not release any additional information until after today’s closing.
Media General owns several community papers in the Richmond area, including The Goochland Gazette, the Mechanicsville Local and the Midlothian Exchange.
Cole, 50, said his health is the main reason for the sale. He had quadruple-bypass surgery three years ago, he said.
“When the doctor tells you the reason for your surgery was based on 50 percent family history and 50 percent due to stress of owning your own business, something needed to change,” he wrote in an editorial.
Cole said his wife, Sharon, worked as an engineer for AT&T for nearly 20 years before joining him as the paper’s business manager almost four years ago, and she is looking to return to the corporate world. David Cole said he plans to take it easy for several months and work in the future as a consultant.
The couple thanked the Powhatan community for its support.
“It’s been a great journey,” Cole said.
Cribb, Greene & Associates is an eighty-four year old newspaper brokerage company with offices in Charlottesville, Virginia and Bozeman, Montana.