- Associated Press - Thursday, May 22, 2014

RICHMOND, Va. (AP) - The company that publishes the Free Lance-Star newspaper in Fredericksburg has been sold to a New York investment firm.

The Fredericksburg newspaper reports (https://bit.ly/1ph3TMc) that an affiliate of Sandton Capital Partners submitted the highest bid of $30.2 million for all the assets of The Free Lance-Star Publishing Co.

The auction was held last week but the bids were announced Thursday.

Sandton principal Robert Orr said the investment firm likes the media company’s management, product and reputation in the Fredericksburg community.

Publicly traded New Media Investment Group Inc. submitted the next-highest bid. It totaled $30 million at the auction, making it the backup bidder should Sandton fail to close on the purchase.

The sale still requires approval by a U.S. Bankruptcy Court judge.

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