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11/20/15, 10:12 AMTwelve Dailies Sold By Cribb, Greene & Cope

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A"Report"on"Merger,"Acquisition"and"Valuation"Activityin"Print"and"Digital"Publishing

Cribb Greene Cope Report November, 2015

Newspaper sale activity continues at an extreme pace

Cribb, Greene & Cope closestransactions on twelve dailies, sixmore pending

The newspaper sale market has been extremely active in thesecond half of 2015. CG&C has just completed the sale of twelve daily newspapers in five separatetransactions, each with accompanying weeklypapers. Six additional daily newspapers in fourtransactions are currently in the final due diligenceprocess.

Selling prices for CG&C properties are considerably abovethe "typical" market values of 3.5x to 4.5x trailing EBITDA,and currently average 6x EBITDA. These strong valuationsappear to be both due to the high quality of these newspapersand markets, and a shift in the valuation methodology used bysome buyers. Rather than basing value on a multiple oftrailing EBITDA these buyers are determining the EBITDAunder their ownership, and then applying a multiple. Theresult can be a much higher multiple of trailing EBITDA. Thisshift began in the 4th quarter of 2014 and has carried through2015.

Home News Enterprises and the Brown Family sell Indianadailies

Columbus, Greenfield, Franklin

Stories in thisReport

Home News sells toAIM

Idaho Falls sells toAdams

Loudon Times-Mirrorbuys weeklies

Shamokin, Towanda PAdailies sold to SampleFour Wyoming dailies

sold to AdamsOhio weekly clustersold to MCM Ohio

Frankfort, KY daily soldto Boone

CGC Client CommentsAppraisal

ConsultingMarket at a Glance:

valuationconsiderations

Cribb Greene Team

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and Seymour, Indiana dailies sellto AIM Media

AIM Media Indiana, LLC announcedthat is has acquired the print and onlinenewspaper publishing assets and thecommercial printing assets from HomeNews Enterprises, LLC ("HNE") ofColumbus, Indiana, according to JohnCribb, Cribb, Greene & Cope whorepresented HNE in the transaction.Terms of the transaction were notdisclosed. In conjunction with thetransaction, AIM announced that allHome News Enterprises employeeswill be hired and continue in theirrespective jobs and positions with thenew Company.

The publications and affiliated web-sites included in thetransaction are four daily newspapers in Columbus, IN (TheRepublic), Greenfield, IN (The Daily Reporter), Franklin, IN(The Daily Journal), and Seymour, IN (The Tribune); twoweeklies in Pendleton, IN (The Times Post) and Nashville, IN(The Brown County Democrat); a variety of other weekly,monthly and shopper publications and related web-sites; and,a commercial printing business serving a broad range ofclients.

"Home News Enterprises has long been one of the mostrespected and admired publishing and media companies inthe United States," said Jeremy L. Halbreich, Chairman andCEO of AIM and the former Chairman & CEO of Sun-TimesMedia LLC (Chicago), former Founder, Chairman, President &CEO of American Consolidated Media (Dallas), and formerPresident and General Manager of the The Dallas MorningNews. "I had the great pleasure and privilege of knowingRobert N. Brown and recently my associate Rick Starks(President and COO of AIM) and I have had the wonderfulopportunity to become well acquainted with Jeffrey N. Brown.We have great admiration for Jeff and for his leadership atHome News these past 20+ years and we are very flattered tohave this opportunity to become directly involved with theseimportant, high-quality, local journalism operations. We arealso pleased to announce that Jeff will remain with the

Client

Comments

The Cribb, Greene & Copecommitment is to do the best

job for our client in everyassignment. We are

fortunate to work with theexcellent companies and

individuals whose commentsare provided at the end ofthis Cribb Greene Cope

Report.

Marketat a Glance

EBITDA valuationmultiples for mid andsmall market papersrange from 3x to 6x

Publishing company valuesare currently in the 3x to 6xtrailing EBITDA range withmost transactions at 3.5x to4.5x. Cribb, Greene & Copetransactions are well abovethis level with an average of

over 6x trailing EBITDA. Prices over 5x tend to be

strategic acquisitions. Buyerstypically look at the most

recent performance, and themultiples indicated here are

based on stable or improvingperformance. Companies

with declining revenues andEBITDA, or that have high

EBITDA percentages torevenues, tend to be valued

at the lower end of themultiple scale.



Company and retain his current set of operatingresponsibilities," He added.

"The Brown family has demonstrated extraordinarycommitment, support and leaderships to these localcommunities throughout their six generations of ownership. Itis our goal and strongest desire to continue this communityservice and we look forward to providing the guidance anddirection necessary for these publications to engage theirlocal audiences and set the civic agenda and discourse inboth online and print for the communities they serve,"Halbreich added. "These are important, impactful andattractive businesses located in an extraordinary and uniquegroup of towns in southern Indiana," Halbreich added."These publications and the service they provide theirrespective communities in Indiana represent a greattestimony to the hard work, dedication and true communityservice established and maintained by the Brown family overmany decades in conjunction with their talented staff ofdedicated employees. We are gratified by the Brown family'sconfidence in us as publishers of local, communitynewspapers to build on their heritage, traditions and focus oncommunity service," Halbreich concluded.

Jeff Brown added, "There comes a point in time in older multi-generational family businesses where family members, manyof whom are in or near retirement, need to exit from theirownership in order to pursue other interests. AIM came to uswith a compelling offer that helps to preserve HNE's localautonomy. We came to appreciate AIM's focus on theimportance of local newspapers and our commercial printingoperations. AIM brings the potential to continue HNE's growthin both media properties and commercial printing services.Our family is incredibly appreciative of the support of ourcommunities and our customers through the years. It's been agreat run and we know that AIM will continue in that sametradition."

The Brady Family and ESOP sell after ninety years

Idaho Falls daily and relatedweeklies sell to Adams PublishingGroup

Some of these transactionsinclude seller financing

Publishing*company*brokerage,appraisal*and*consulting*since

1923

CG&A Team

Contact Cribb Greene

"Our commitment is to do thebest possible job for our

client in every aspect of ourassignment."

Transactions:

Farmville HeraldFarmville, Virginia

Farmville Newsmedia, LLC, anew Virginia entity wholly

owned by CarpenterNewsmedia, LLC (CNL),purchased The Farmville

Herald from the Wall familyon Friday, according to GaryGreene of Cribb, Greene &

Associates. CNL is anaffiliate of Boone

Newspapers, Inc. (BNI) withoffices in Natchez,

Mississippi and Tuscaloosa,Alabama.

The sale ends three

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The Post Co. which includes the daily Idaho Falls PostRegister and three weekly newspapers in Shelley, Challis,and Rigby Idaho has been sold by the Brady family to AdamsPublishing Group LLC, according to John Cribb, Cribb Greene& Cope who represented the sellers in the transaction.

The Post Co. has been a family-runbusiness passed down through theBrady family since 1925. Brady, 79,previously said that he felt he hadnothing more to add to the company,and although the decision was difficult,he was convinced selling the companywas the right thing to do. "We havedone our very best during hard times,"Brady said in a Wednesday letter toemployees. "I believe we have foundthe best possible buyer, a buyer who isinvesting in our industry when othersare not."

"We're very excited to have the PostRegister Company's group of newspapers and digitalproducts join our company going forward," Stephen Adams,chairman of Adams Publishing Group, said in a statement."The Brady family has a long history of providing strongjournalism in the state of Idaho. It's our goal to continue theirtradition of locally focused, community-driven editorial writingand reporting."

Cribb, Greene & Cope represent the buyer

Loudon Times-Mirror acquiresLeesburg, Ashburn Virginiaweeklies

The Loudoun Times-Mirror, a weekly newspaper based inLeesburg, VA., has acquired the assets of the weeklynewspapers Leesburg Today and Ashburn Today and theLeesburgToday.com web site, according to Randy Cope,

generations of ownership bythe Wall family.

"The Herald celebrates its125th birthday in 2015 andthe 94th year the paper hasbeen published by the Wallfamily," commented third

generation publisher SteveWall, whose grandfather J.B.

Wall purchased thenewspaper in 1921. "Theindustry has undergone

major changes in the lastcouple of years. My dad Bill,who joined the staff in 1954,

is planning to completelyretire and after 37 years inthe business full time I'm

ready for another newspaperfamily to take the helm."

Daily News Worland, WY

After 75 years of ownership,the Wyoming Newspaper

Group has sold the NorthernWyoming Daily News

according to John Cribb,Cribb, Greene & Associateswho represented the seller in

the transaction.NorthernWyoming Daily News

The group made the decisionto focus on their I-80 corridor

newspapers, according toPresident of CheyenneNewspapers, Inc. Mike

McCraken, who representsthe McCraken family, the

majority interest owner of thecompany.

The McCraken family'sassociation with the NorthernWyoming Daily News beganJune 1, 1939. The companyalso operates newspapers inCheyenne, Laramie, Rawlins

and Rock Springs.Longtime Wyoming

newspaper operators Robband Jen Hicks of Buffalo and



Cribb, Greene & Cope, who represented Times-Mirror in thetransaction.

Leesburg Today was founded in 1988 by publisher BrettPhillips and a group of local investors. In 2006, Dallas-basedAmerican Community Newspapers purchased the company,then sold it in 2012 to Texas-based HPR-Hemlock LLC, whichoperates locally as Northern Virginia Media Services.

"We've received a warm welcome fromthe people of Leesburg and LoudounCounty and our employees from thetime of our purchase in 2012, and wehave appreciated the kindness," saidBruce Potter, chief operating officer ofNorthern Virginia Media Services. "Ourgoal has been to provide a qualitynewspaper to local residents and alsoto provide good jobs to talentedpeople. Selling Leesburg Today to theTimes-Mirror seemed to us to be the best for the future of thenews business and for the community."

Loudoun Times-Mirror is owned and operated by localresident Peter Arundel, who has served as President andCEO of the company since 1996. The Times-Mirror traces itsroots to 1955 with the founding of the Loudoun Mirror.Peter Arundel's father, Arthur (Nick) Arundel, purchased theLoudoun Times-Mirror in 1963. After the passing of his fatherin 2012, Peter Arundel purchased the company from hisfamily. The media company, Virginia News Group, has beenunder Arundel family ownership for 52 years.

"This is a watershed moment in the history of our company,"said Arundel. "We regard local news as a public trust andremain deeply committed to Loudoun readers andadvertisers."

Two Pennsylvania dailies plus weekly clusters

Towanda and Shamokin, PAdailies sold to Sample Media

Gary and Sue Stevenson ofSheridan purchased the

paper.

Virgin Islands Daily NewsVirgin Islands-basedbusinessman Archie

Nahigian has purchased TheVirgin Islands Daily News

and its affiliated publications,websites and businessoperations from Times-

Shamrock Communicationsof Pennsylvania.

Nahigian, who becomespresident of Daily News

Publishing Co., Inc. effectivetoday, lauded the tradition ofexcellence at the newspaper."The Daily News has been avital institution in the lives of

Virgin Islanders since itsfounding on Aug. 1, 1930. I

consider it a great privilege tobe entrusted with this

responsibility, and I hope toprove a worthy steward of

that legacy," he said.

Gulf Coast NewspapersBaldwin, Souther Carolina

Gulf Coast Newspapers,LLC, a publishing firm

operating in Baldwin County,has been acquired by a

family owned newspapercompany in South

Carolina, according to GaryGreene, Cribb, Greene &

Associates, who representedthe seller in the transaction.OPC News, LLC, purchased

the media properties fromCrescent Publishing

Company, LLC, also based in



Towanda Printing Company (TPC) has been sold to SampleMedia Group according to Gary Greene, Cribb Greene &Cope who represented the seller in the transaction. George Lynett, Jr., CEO of Times-ShamrockCommunications, the parent company of TPC, made theannouncement along with George "Scoop" Sample, Presidentof the Sample Media Group. Towanda Printing Company is made up ofthree newspaper clusters that include daily,weekly and monthly publications that servea five county area centered in NortheastPennsylvania and South Central New York.Those publications include The DailyReview, the Bradford Sullivan Pennysaver,and the Farmer's Friend, all in Towanda,PA; the Northeast Driller, Sayre, PA; theTroy Pennysaver, Troy, PA; theSusquehanna County Independent andWeekender in Montrose, PA; The NewsItem in Shamokin, PA; the CitizensStandard, Valley View, PA; and the Owego Pennysaver inOwego, NY. Also included in the sale is the company'smodern printing facility in Towanda. "This is a bittersweet moment for our family and for me as aformer Publisher of the Daily Review. We have had awonderful experience as owners of the Towanda PrintingCompany," Lynett said. "But we are also confident that wehave placed Towanda Printing in the capable hands ofanother respected family-owned media company." Sample News Group, headquartered inHuntingdon, Pennsylvania, owns more than50 publications, including 15 dailynewspapers, in Pennsylvania, New York,New Jersey, Maine, New Hampshire andVermont."We welcome Towanda Printing Co. andShamokin into our family of newspapers,"Mr. Sample said. "We are honored to havebeen selected by Times-Shamrock tocontinue their legacy of delivering all thebest news to these fine communities."

South Carolina. The saleclosed July 29.

OPC News is owned by three

members of the Osteenfamily, Graham, Kyle and

Jack Osteen. The brothersalso have holdings in OsteenPublishing Company, Inc., aSumter newspaper operationthat has been in their family

for more than a century.In a statement, the brotherssaid their comfort with smallnewspapers and the locationof these particular properties

made the purchaseattractive.

Culpeper TimesCulpeper, Virginia

Fauquier Times ' parentcompany, the Virginia News

Group, has sold thenewspaper's sister

publication, CulpeperTimes, according to GaryGreene, Cribb, Greene &

Associates, who representedVirginia News Group in the

sale.

The new owner will be

Dennis Brack, who publishes



Wyoming capital city daily newspaper and three more

Cheyenne, Laramie, Rawlins andRock Springs, Wyoming dailiessell to Adams Publishing Group

The daily newspapers in Cheyenne, Laramie, Rawlins andRock Springs, Wyoming, have been sold by the McCrakenand Richardson Families to APG Media of theRockies according to John Cribb, Cribb,Greene & Cope, who represented thesellers in the transaction. The fournewspapers dominate the southern tier ofWyoming, and include the state capital andthe dominant Wyoming college town. APG is a subsidiary of Adams PublishingGroup, LLC, a family owned mediacompany headquartered in St. Louis Park,Minnesota.

"We are extremely pleased that the Adamsgroup has purchased all four of our dailynewspapers, and we feel that they will be excellent operatorswho will continue to provide solid local news coverage for ourcommunities," said L. Michael McCraken, former WTEpublisher.

"We're very excited to have the McCraken group ofnewspapers and digital products join ourcompany going forward," said StephenAdams, chairman of APG. "The McCrakenfamily has been a stalwart steward of itsnewspapers for generations, and it's ourgoal to continue their tradition of locallyfocused, community-driven editorial andreporting."

The daily newspapers included in thetransaction are: the Cheyenne WyomingTribune Eagle; the Laramie Boomerang;the Rawlins Daily Times; and the RockSprings Rocket-Miner.

the Rappahannock Newsnewspaper and ThePiedmont Virginian

magazine.Culpeper Times Editor AnitaSherman, a former Fauquier

Times staffer as well asformer editor of the

Rappahannock News, isstaying with the paper under

the new ownership."The decision to sell the

Culpeper Times came withmixed feelings," Peter W.

Arundel, publisherof Fauquier Times and chief

executive officer of theVirginia News Group, saidMonday. "We will miss thepaper and the community agreat deal. Mostly, we will

miss working with AnitaSherman, the editor. She'sbeen such an asset for ourcompany for over 10 years.

But that all said, the paper isin better hands with Dennis. He'll give it the attention it

needs to be an even strongercommunity paper.

Huckle Media, LLC

Owatonna, Faribault,Minnesota

The daily Owatonna People's

Press, the Faribault DailyNews, and assorted weekly

and monthly publicationshave been sold by the

Huckle Family to AdamsPublishing Group accordingto John Cribb, Cribb, Greene

& Associates, whorepresented the HuckleFamily in the transaction

Daily Progress-IndexPetersburg, Virginia



Ohio weekly cluster

Weeklies in Batavia, Mt. Orab,Ohio sold to MCM Ohio

MCM Ohio, LLC completed its purchase of The ClermontSun, Batavia, Ohio, and The Brown County Press, Mt. Orab,Ohio, from Clermont Sun Publishing Company, according toRandy Cope, Managing Director, Cribb, Greene & Copenewspaper brokerage firm. The sale was completed onMonday, September 28, 2015. MCM Ohio, LLC is owned by Scott Champion, with offices inMooresville, North Carolina. MCM, LLC also owns the ThiefRiver Falls Times in Thief River Falls, Minnesota. TonyAdams, general manager of The Clermont Sun, will continueto serve in that capacity. The Clermont Sun was founded in 1828, making it one of theoldest newspapers in Ohio. The Clermont Sun PublishingCompany is owned by Bill and Mary Pat Latham. Cribb,Greene & Cope represented The Clermont Sun PublishingCompany in the sale.

Kentucky capital city daily newspaper

State Journal, Frankfort,Kentucky, sells to Boone

Frankfort Newsmedia, LLC, (FNL) completed its purchase ofThe State Journal daily newspaper, Frankfort, Kentucky, fromDix Communications according to John Cribb, ManagingDirector, Cribb, Greene & Cope newspaper brokerage firm.Agreement in principle for the sale was announced lastmonth, and final details were worked out in recent weeks.FNL is majority owned by Boone Newspapers, Inc., (BNI) withoffices in Tuscaloosa, Ala. and Natchez, Miss. Other ownersare Natchez-based Carpenter Newsmedia, LLC, (CNL) andkey BNI personnel. Jim Boone, of Tuscaloosa, is BNI'schairman. Todd Carpenter, of Natchez, is BNI's president and

The daily Progress-Index andColonial Voice have been

sold by the Times-ShamrockCompany to New Media

Investment Companyaccording to Gary Greene,

Cribb, Greene & Associates,who represented the seller in

the transaction.

Kings Mountain HeraldKings Mountain, North

Carolina

The Kings Mountain Heraldhas been sold by Gemini

Newspapers, Inc. toCommunity First Media, Inc.according to Gary Greene,

Cribb, Greene & Associates,who represented the seller in

the transaction.

Marana NewsTucson, Arizona

The Marana News has beensold by News Media Corp. to10/13 Communications, LLC

according to John Cribb,Cribb, Greene & Associates,who represented the seller in



chief executive officer and principal owner ofCNL.

The State Journal's sale ends 53 years ofownership by Dix Communications. VeteranAdvertising Director Lloyd Lynch has beennamed general manager of FNL and will leadits business operations. Longtime Editor PhilCase will continue to lead news operations.Cribb, Greene & Cope represented the Dixfamily in the sale.

We are fortunate to work with high quality companies and individuals:

"Cribb, Greene & Cope" Client CommentsChuck Dix, President, Dix Communications (Recent sale ofFrankfort, KY daily):"Cribb, Greene was a solid broker for Dix, acting in a professionalmanner not only to us, but to the buyer as well. They are wellplaced in the industry, respected, and confidential."

Jerry Brady, Co-owner, Idaho Falls (ID) daily/weeklies:"When my brother and I decided to sell after 90 years of familyownership in Idaho Falls, people we trusted pointed us towardJohn Cribb as the go-to broker. He was everything we could havehoped for. We particularly appreciate his patience,encouragement and even-handedness when bumps showed upalong the way. He has about him an equilibrium which isreassuring and settling. John served us well."

George Lynett Jr., Publisher of the Times-Tribune:"We are very happy with our experience with Cribb, Greene &Cope. Gary's knowledge of the industry and the market, as wellhis relationships in the industry, proved crucial to connecting uswith acceptable buyers who both met our price rangerequirements and our desire to keep those newspapers andemployees in good hands."

Renee Huckle Mittelstaedt, President & Principal Owner:"While making the decision to sell the company was difficult,selecting John Cribb with Cribb, Greene & Associates as ourbroker was easy. When our family decided to sell Huckle Mediawe chose to engage John who we've known and respected for along time. After talking with other family-owned companies andhearing about the great experiences they have had working withCribb, Greene, we felt confident we were in good hands. John andhis crew didn't disappoint - they exceeded our expectations andperformed with the highest level of integrity. We were delighted

the transaction.

Elizabethton Star,Elizabethton, TN

The Elizabethton (TN) Stardaily newspaper and related

printing and digital operationshave been sold by the

Robinson and GoodwinFamilies to partners of BooneNewspapers, Inc., according

to Gary Greene, Cribb,Greene & Associates, who

represented the sellers in thetransaction.

Newsletter PDF Archives

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that John connected us with Adams Publishing Group, whichpurchased our company mid-year 2014."

Mike McCraken, Cheyenne Newspapers, Inc.: "John Cribb did agreat job handling our recent sale of the Northern Wyoming DailyNews in Worland. John listened to our concerns, put together asolid marketing package and in very short order identified GaryStevenson of Sheridan and Robb Hicks of Buffalo as interestedbuyers. The negotiations and transaction progressed smoothly,and all of the owners were extremely pleased to sell the paper toa couple of long-time newspapermen from Wyoming. We werevery happy with the expertise and performance of Cribb, Greene& Associates."

Bill Jacobs, former owner, Brookhaven (MS) Daily Leader: "My dependence on John Cribb during each phase of thenegotiating process was crucial during the sale of mynewspapers. When one is traveling in uncharted territory, it isimportant to have someone of his experience on the team toproperly work on the details of such transactions."

David Jackson, former owner, Ludington (MI) Daily News: "Igreatly appreciated Cribb Greene's help not only in solicitingpotential buyers for our company, but also their expertise inevaluating the interest and financial wherewithal of thoseindicating an interest in our newspapers. Cribb Greene made theprocess much easier and less painful than it would have beenwithout their assistance."

Jim Boone, Chairman and Todd Carpenter, President, BooneNewspapers, Inc.: "John Cribb and Gary Greene have served usand their clients well. They bring deep experience and importantknowhow to guiding seller and buyer through the sale processand to negotiations. While we work with multiple brokerage firms,Cribb-Greene stands tall with the best."

Dave Lord, Pioneer Communications: "I've worked with JohnCribb and Gary Greene for many years, and the company hasbeen unfailingly professional while delivering results. I give CribbGreene the highest rating."

Larry Perrotto, Chairman, Community Media Group: "Wehave worked with John Cribb and his associates for many years,closing a number of newspaper acquisitions. John and his teamare among a select group of highly qualified M&A professionals inthe publishing space with an in-depth understanding of ourindustry. We appreciate their sensitivity and dedication to theinterests of both buyers and sellers."

Pat Cashman, former owner of the Vicksburg (MS) Post: "I

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think you handled my business with care and the knowledge thatcame from many transactions. I would recomend your company toanyone looking into a sale. You brought several prospects to methat let me see who was out there and who was qualifed to gofurther into a deal. Thanks."

Jim Flood, former owner of the Dover Post group: "John'sdeep understanding of the newspaper business made explainingour weekly group easy, his reputation brought numerous buyers tothe table, his marketing skills enabled us to prepare apresentation document that really showed what the Dover Postorganization was about and, lastly, his personal touch, taking thetime to get to know the various members of the family (The DoverPost group was a 200 employee, 12 weekly newspaperorganization started by the Flood family in 1975 and sold in 2008.)that had a significant effect on making everything come together.It was like working with a friend, not a broker."

William D. Highland, Clarksburg Exponent-Telegram:"Cribb & Greene was instrumental in helping my family decidewhat to do about selling our newspaper in West Virginia. Theywere patient in explaining the economic aspects of newspapers,industry terms like "EBITDA", the current sales climate (a buyer'smarket). They provided a clarity about these matters which wehad lacked. Indefatigable in their efforts on our behalf, theyappeared at a shareholders' meeting with graphs and participatedin countless telephone conferences and follow-up calls. Inchoosing a broker for our company, we had no doubt that Cribb &Greene stood head-and-shoulders above the competition, and wenever changed our opinion."

Gary Stevenson, owner: "We were pleased to work with JohnCribb of Cribb, Greene & Associates in the purchase of theNorthern Wyoming Daily News in Worland Wyoming. As usual,John was very timely with any and all information requests andfacilitated a smooth, professional sale. We have worked withCribb Greene & Associates on numerous occasions on both thebuying and selling side and have been quite pleased with them.We would surely use them in the future if the stars alignagain. Thanks John for a professional, rewarding transaction."

Andy Bickford, President, Independent PublicationsInc.: "When my company decided to sell all of its newspaperassets we knew that we could count on Cribb Greene to achieveour objectives. We've worked with John and Gary on severalprojects over the years on both the buy and sell sides and havegreat respect for their knowledge of the marketplace andcommitment to their clients."

Arne Hoel 10/13 Communications: "I have worked with Cribb



and Associates on a number of transactions and have alwaysfound them to be knowledgable and honest. They set reasonableexpectations for their clients and always come through."

Kevin Olson, Owner, Teton Media Works, Publisher, JacksonHole News&Guide, Jackson Hole Daily: "I've had theopportunity to use John's guidance and representation on both theselling and buying sides of a recent media transaction. Hisinsights on transactions in the broader market and valuationsrelating to our market provided confidence that the sales pricewas fair and within reason for a sale of the size and market inwhich we were operating. On the buying side, John focused meon the most important elements I needed to reconcile in order tofeel sure and secure about moving forward. His advice was soundand based on experience from a career's worth of transactions.There's no doubt he's my first call when I need media brokerageadvice in the future."

Appraisals are essential for transferring stock to the nextgeneration, and useful for bank loans and strategic planning

Newspaper and publication appraisalCribb, Greene & Cope has done valuations on hundreds ofpublishing titles and we feel our evaluations reflect accuratemarket values. Our appraisals have been used for estateplanning, loans, partnerships, venturecapital/financial backing, taxes, Employee StockOwnership Plans, shareholder value, minorityownership and market value. Please contact us directly if you would like to discuss avaluation. CG&C also offers desktop review valuations whichare more modestly priced, and evaluation for a potential saleprice is included in the marketing process when CG&C isretained to represent a client.

We would be pleased to discuss these possibilities - on acompletely confidential basis, of course:

Consulting services available fromCribb, Greene & CopeCribb, Greene & Associates offers a variety of consultingservices to its clients, including:

Strategic planningBoard Organization and goal setting



John Cribb

OperationsOrganizational structuringEmployee psychologicalevaluations

All work is confidential andfees are based on the scope of theengagement. An initial no-costassessment is provided.

Publication Brokerage, Consulting and Appraisal FeesAvailable On Request

Left to right: Randy Cope, John Cribb, Gary Greene:

Cribb, Greene & Cope Contact Information:

Montana office:

John Cribb, Managing Director825 Great Northern Blvd.Suite 202Helena, MT 59601

Phone: 406-579-2925 * Fax: [email protected]

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Randy Cope

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Gary Greene, Managing Director943 Glenwood Station Lane, Suite 001Charlottesville, VA 22901 Phone: 434-227-0952 · Fax: [email protected]

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Twelve Dailies Sold By Cribb, Greene & Copecribb.com/wp-content/uploads/2019/04/Cribb-Greene-Cope-Report-20… · Twelve Dailies Sold By Cribb, Greene & Cope 11/20/15, 10:12 AM