Press Releases

Scaife Group to Buy Gateway Press and Pennysaver Publications of Pennsylvania

PITTSBURGH, PA, December 15, 2003 - Richard M. Scaife, chairman of the newly formed Westminster Holdings, Inc. (WHI), announced Sunday that WHI has agreed to acquire the stock of Trinity Holdings, Inc., owners of Pennysaver Publications of Pennsylvania, Inc. and Gateway Press, Inc. Terms of the transaction, which is expected to be completed in the next several weeks, were not disclosed.

Scaife named Pittsburgh Tribune-Review General Manager Ralph J. Martin president and chief operating officer of WHI.

Dirks, Van Essen & Murray, a newspaper merger-and-acquisition firm in Santa Fe, New Mexico, represented Trinity Holdings, Inc., in the transaction.

Scaife, through Tribune-Review Publishing Co., also publishes the Pittsburgh Tribune-Review, the Tribune-Review of Greensburg, the Valley News Dispatch of Tarentum, the Valley Independent of Monessen, the Leader Times of Kittanning, the Daily Courier of Connellsville, the Herald of Aspinwall and the Blairsville Dispatch.

"This is our first acquisition for WHI and it is one we are excited about," Martin said. WHI was formed to look for business opportunities in the greater Pittsburgh and western Pennsylvania area that represent tested business models with future growth potential.

Pennysaver Publications of Pennsylvania, Inc. publishes the Pennysaver and the Super Pennysaver, which together are distributed to more than 700,000 households in the Pittsburgh area.

Gateway Press publishes 18 community newspapers in the Pittsburgh area: the Advance Leader in Oakmont-Verona, the Advance Leader Star in Plum, the Beaver Valley Star in Monaca, the Beaver Valley Star in Vanport, the Bridgeville News Star, the Coraopolis Record Star, the Cranberry Journal Star, the Moon Record Star; the Murrysville Star, the North Hills Star in Ross, the North Hills Star in Pine, the Norwin Star, the Progress Star in Penn Hills, the Progress Star in Woodland Hills, the Sewickley Star, the Signal Item Star, the South Hills Record Star and the Times Express Star.

For further information contact Philip Murray at Dirks, Van Essen & Murray, phone 505/820-2700, fax 505/820-2900.