In what may be a rare sign of something other than utter doom in the newspaper industry, Franklin-based American Hometown Publishing Inc. has raised new funding from investors.
"The only thing I can confirm at this time is that we successfully completed another equity round," said Brian E. Smith, chief operating and financial officer of the community newspaper publisher. NashvillePost.com contacted him after AHP recorded a charter amendment allowing it to issue a new class of stock.
Smith would not reveal how much the company raised, who the investors are or how the money will be deployed.
Twice in the past, AHP has similarly amended its charter and sold new stock just before it made acquisitions of small-town newspaper publishers. The company, which American Profile magazine founder Dan Hammond started in 2005, grew during its first two years through purchases of newspaper operators in rural areas of Tennessee, Virginia and Oklahoma. Apart from one small acquisition early in 2009, however, it has not been involved in any further buys since 2007.
AHP’s strategy is to keep local management in place at its acquired papers and to maintain their independent character as much as possible.
The company has previously garnered venture capital from Solidus Co. (a major shareholder of SouthComm Inc., which owns NashvillePost.com) as well as Mike Blackburn’s Petra Capital Partners, Lucius Burch’s Burch Investment Group and other firms.
- ALEX B FRUIN INHERITANCE TRUST; CANDACE F STEFANSIC INHERITANCE TRUST; CANDANCE F STEFANSIC INHERITANCE TRUST; FRUIN, ALEX B TRUSTEE; FRUIN ALEX B INHERITANCE TRUST; STEFANSIC, CANDACE F TRUSTEE; STEFANSIC CANDACE F INHERITANCE TRUST; STEFANSIC CANDANCE F INHERITANCE TRUST
- ROSS, BRIDGETT D
- COOKE, ETHEN LANYARD TRUSTEE; COOKE, ETHEN LEWIS ESTATE
- JACOBS, JESSICA ALEXANDRA; JACOBS, ERIKA BESS