Regional newspaper publisher Journal Register Co. said today that it hired a financial adviser to help it assess its strategic alternatives as its stocks plummet further, trading at 26 cents at 11:30 a.m.
Journal Register, which owns the New Britain Herald and the New Haven Register, said it hired Lazard Freres & Co. to assist with the evaluation process. When a company is considering strategic options it can include a variety of scenarios, including a potential sale of the company.
The newspaper sector has continued to struggle as consumers and advertisers increasingly shift to the Internet. Companies have tried to cut costs and ramp up Web efforts to alleviate some of the pressure, which has also increased due to the current economic climate.
The company owns 22 daily newspapers and 310 non-daily publications. It also runs 229 Web sites affiliated with its daily papers, non-dailies and its network of job-related Web sites.
