Alabama Pension Fund Becomes Sole Owner of Local U.S. Newspaper Chain

January 7, 2019 AT 7:30 AM

Alabama’s employee pension fund, with nearly 360,000 members and some $44 billion in managed assets, has become sole owner of one of the largest chains of local U.S. newspapers, the company said Thursday.

CHNI LLC has been acquired by the Retirement Systems of Alabama, the company announced in a statement. The newspaper group includes 68 daily newspapers and more than 40 non-dailies plus websites in 22 states.

The Montgomery, Alabama-based newspaper group is being spun off Raycom Media Inc., which is being purchased by the Atlanta-based Gray Television Inc. Raycom was owned by the retirement system.

View Full Story From the Associated Press