Jackson Hole News&Guide principal owner Michael Sellett will sell the newspaper company to Chief Operating Officer Kevin Olson and his wife Shelley, according to John Cribb, Cribb, Greene & Associates, who provided transaction, structure and valuation advice to the parties.
Kevin Olson made the announcement Tuesday in the News&Guide offices, saying a purchase agreement had been signed for an undisclosed sum.
Teton Media Works will be the new company that will take over operation of the weekly paper, the Jackson Hole Daily, Jackson Hole and Images West magazines and associated websites and partnerships.
Completion of the deal at the end of the year will bring to a close an era in which Sellett took the Jackson Hole News to national prominence. Along the way, he sparked a classic small-town newspaper war with the Jackson Hole Guide, all eagerly absorbed by valley folk.
Cribb, Greene & Associates is a ninety-year-old newspaper brokerage, appraisal and consulting firm with offices in Bozeman, Montana and Charlottesville, Virginia.