Freedom Communications goes on the block

TV Newser reports that the parent company of the OC Register wants to unload all its television and newspaper properties. L.A.-based Moelis & Co. is handling the auction, which TV Newser says involves selling off the TV stations and newspapers separately. The station group is going for between $400 and $500 million - no word on the newspapers. Freedom is saying very little about any of this. Sitrick & Co., which is handling questions about the sale, had this statement:

"Freedom has always been regularly approached regarding strategic opportunities. This is a normal part of business and, as expected, has continued following the company's successful restructuring. It is the company's fiduciary responsibility to review and evaluate these opportunities as they arise."

It was only eight months ago that Freedom came out of bankruptcy. At the time the company's executives insisted that there were no plans to sell or make major cutbacks. From the OC Register:

"Let me be very clear: the company is not for sale," said Mark McEachen, chief operating officer and chief financial officer of Freedom, owner of The Orange County Register. "We're not going to break up the company. We're not going to have mass layoffs."

In case you've lost track, Freedom is now owned by several investment groups, led by Angelo, Gordon & Co., which holds a 45 percent controlling interest. Angelo, Gordon also owns debt in Tribune Co. As to who might be interested in the properties, there's no shortage of private equity firms with money to burn, though since Moelis is selling off the TV and newspaper properties separately, it doesn't appear there's much demand for the entire company. This also will rekindle rumors about the LAT and Register arranging some sort of merger or partnership.