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Superior Publishing sale price is $65 million

American Consolidated Media of Dallas will pay about $65 million for Superior Publishing Corp., the Superior company that publishes 19 newspapers and shoppers in northern Minnesota, Wisconsin and Michigan. The sale was announced last week.

American Consolidated Media of Dallas will pay about $65 million for Superior Publishing Corp., the Superior company that publishes 19 newspapers and shoppers in northern Minnesota, Wisconsin and Michigan. The sale was announced last week.

MCG Capital Corp., which owns Superior Publishing, will receive net proceeds of $37.4 million after debt payoff and closing costs, according to a news release from MCG Capital.

All of Superior Publishing's holdings, including the Mesabi Daily News, the Daily Press in Ashland and the Hibbing Tribune, will be acquired.

Murphy McGinnis sold the papers to MCG in 2004, and the Superior company became Superior Publishing. A short time later, the Duluth News Tribune's then-owner, Knight Ridder Inc., bought four of the newspapers and three shoppers, including the Daily Telegram and Manney's Superior, now called Northland Smart Shopper. Forum Communications Co. of Fargo, N.D., now owns all five.

Superior Publishing employs about 345 people.

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ACM owns 46 daily and weekly newspapers and shoppers in Texas and Oklahoma and employs about 350 people. ACM is owned by Macquarie Media Group based in Sydney, Australia.

The sale is expected to close by the end of the month.

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