ANCHORAGE, Alaska (AP) – A federal bankruptcy judge has approved the sale of Alaska’s largest newspaper for $1 million, saving the paper from folding this week.
Judge Gary Spraker made his decision Monday after hearing hours of testimony over the financial liabilities of the Alaska Dispatch News.
In approving the sale, Spraker said it was the best option available, and way better than liquidation.
The new owners of the Anchorage newspaper are the Binkley Co., comprised of members of the Binkley family of Fairbanks and Alaska Media’s Jason Evans. Ryan Binkley and Evans are currently the co-publishers. They will now have to decide what they want from the newspapers assets.
Former publisher Alice Rogoff bought the Anchorage Daily News for $34 million from The McClatchy Co. in 2014. Since then, the renamed paper has been losing about $500,000 and entered bankruptcy on Aug. 12.