The 123-year-old Herald-Progress in Ashland, VA, was sold July 29, 2004 to the CV Corporation of Virginia, Inc.
Patricia Pace and her husband, Jay, owned the Herald-Progress for some 23 years and made the decision to sell the 7,000 paid circulation twice-weekly newspaper prior to Jay’s death in April of this year. Also sold as part of the transaction was the Herald-Progress 12,000 square foot office and printing plant in the Hanover Industrial Air Park.
Cribb & Associates represented the Paces in the sale of the company.
“We wanted someone who knew about community newspaper,” said Patricia Pace of the Herald-Progress’s new owners. “We wanted an owner who has an interest in Hanover community and who would keep the community’s best interest at heart.”
The CV Corporation owns the Central Virginian in Louisa, VA, which began publishing in 1912, and the Goochland Courier, which began publishing in 2002.
“The acquisition of the Herald-Progress creates a cluster of newspapers in the same location that brings us to a circulation of about 20,000,” said Cathy Collins, spokesperson for the CV Corporation.
“We’re honored and challenged by the opportunity to add the Herald-Progress to our cluster of newspapers,” said Collins. The Herald -Progress is a well respected newspaper that truly exemplifies community journalism.”
Steve Pace, who is the brother of Jay Pace and served as vice president and general manager of the Herald-Progress, will remain at the newspaper as general manager and operations director.”
“I think it is a great merger,” said Steve Pace. “The three papers together are a lot stronger than the three newspapers apart.”
“The Herald-Progress is a well respected name in Virginia journalism,” said Gary Greene, who is an associate from the Cribb office in Charlottesville, VA. “This merger will strengthen both newspapers in their respective markets.”