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Press Release

[whitespace] Independent Newspapers Limited
July 14, 1998
West Coast Community Newspapers sold

Independent Newspapers Limited of Wellington, NZ has announced the sale of West Coast Community Newspapers to Central Valley Publishing Inc.

West Coast Community Newspapers publishes 12 weekly newspapers serving suburban communities from San Diego to Seal Beach and Catalina Island with total circulation of 231,368. WCCN also publishes a twice monthly boating publication with free circulation of 42,300 and a weekly arts and entertainment publication serving Santa Cruz, CA with circulation of 49,000.

"We will always be extremely proud of the substantial contributions that WCCN made to their communities under our ownership," said INL managing director, Mike Robson. "The staffs of our newspapers in Southern California have performed admirably for both their customers and Independent Newspapers. While we're sorry to see them go, we're confident they will continue to perform well under Central Valley Publishing Inc's ownership."

Central Valley Publishing is a rapidly growing publisher of community newspapers in the San Diego and Central Valley regions of California. The total combined circulation of CVP's daily and non-daily publications has grown to approximately 110,000 today, more than tripling in the last three years. Initially focused in the agricultural communities of Central California, CVP has aggressively expanded its operations into Southern California in recent years. With the purchase of WCCN, CVP will be the publisher of more than thirty newspapers in twenty communities in California.

In the US, INL continues to own a suburban newspaper chain in Houston.

Veronis, Suhler & Associates Inc, a New York-based private investment bank serving the media and communications industry exclusively, represented Independent Newspapers Limited in this transaction.

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