Princeton Packet up for sale

Princeton media institution The Packet Media Group — composed of the Princeton Packet and its 10 sister newspapers — and its Princeton property on Witherspoon Street, are up for sale, according to a statement by James Kilgore, the president and owner of the newspaper publishing company. The Packet is home to over 100 employees.

Neither Kilgore nor representatives from the Packet were able to be reached for comment.

Kilgore chose to make the announcement publicly in a statement printed in the Packet wtih hopes of attracting community locals who would be willing and able to continue the “rewarding and fulfilling” tradition of providing “local news, information and advertising that builds a sense of community for the people and businesses” in central New Jersey.

According to the Packet Media website, the Packet publishes 11 paid community newspapers, seven free newspapers and a monthly magazine. With a circulation of almost 8,000, the Princeton Packet is the largest of the group’s publications.

Kilgore took over the Princeton community-based family business from his father, Barney Kilgore, who is largely credited with the success of The Wall Street Journal.

According to the statement, the business has been catered, in part, as “a service to the communities” it covers. Because of this, Kilgore expressed his wishes that the business stays in the hands of another local owner “who will have that same dedication to the community and quality news coverage” as the Kilgore family has had since 1955.

“Local ownership is best for community news organizations because local owners have a vested stake and interest in the communities they serve, and the Packet, on track for a profitable year, can continue the tradition of keeping profits at home, invested and spent locally,” he said.

Because of this, according to an article published by CBS News, Kilgore said he is looking to sell the company as a whole, but is not “opposed, if necessary” to selling publications individually.

The decision follows a recent health scare for Kilgore, age 63, according to an article published in the Princeton Packet.

The Packet properties have been valued at more than $3.3 million by tax assessors, according to the article, with the main office valued at $1.8 million.

Brad Koltz, the general manager, has expressed interest in buying the company and is currently meeting with banks and exploring equity options to finance the sale, according to the Packet article.

The Packet’s press also prints many local publications including The Daily Princetonian.