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Brown Publishing sold to banking conglomerate

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Ohio Community Media LLC is taking over nearly all of Brown Publishing’s assets for $21.75 million, according to Editor and Publisher. The group – a corporation formed by the banks owed $74 million by Brown – will take over the chain of 15 dailies and numerous other publications, including the Business Record. Ohio Community includes PNC Bank, Prudential Insurance Co., Wells Fargo Bank, Allied Irish Bank, AIB Debt Management, Brown Brothers and Harriman, and Huntington National Bank. After going bankrupt earlier this year, the top three executives of Brown Publishing formed a group to buy back the company, but their winning bid failed when financial backer Guggenheim Partners walked away from the deal.