ORLANDO -- The federal judge overseeing the possible sale of the Daytona Beach News-Journal held off Friday on a deal for the newsspaper to be sold for $20 million because he wants at least two independent appraisals done, according to a story published in today's News-Journal.
U.S. District Judge John Antoon II wants the names of two independent appraisers within seven days before he signs off on a reported sale of $20 million to Halifax Media Acquisition LLC.
The News-Journal lost a lawsuit to its minority shareholder, Atlanta-based Cox Enterprises, after the local newspaper spent $13 million in naming rights for the News-Journal arts center on Beach Street. Cox sued to get out ots partnership with the Davidson Family.
The News-Journal lost not one, but two appeals and the newspaper was put up for sale, with several hundred employees losing their jobs and the closing of the local bureaus including the New Smyrna Beach office on Canal Strret nearly two years ago.
Cox has a buyer in Halifax, but the Davidsons want the judge to hold off n the sale until the economy improves. Still to be resolved by the judge is a suit by eight former employees concerned about the viability of the pension fund.