News alert: Georges signs letter of intent to buy Advocate
Daily Report has confirmed that New Orleans businessman John Georges has signed a letter of intent with the Manship family to acquire The Advocate. Details of the agreement, which was signed today, are unknown, and earlier Friday sources told Daily Report the letter of intent would only lay out the general terms of the deal and that a document outlining the specifics of the acquisition will not come until later. Georges, reached Friday night, declined to comment, citing a confidentiality agreement. The Advocate's publisher David Manship did not return calls for comment earlier this week. Industry sources have calculated the paper's value at somewhere between $30 million and $40 million, not including its some $30 million debt load. Manship has told Daily Report on previous occasions his family was asking "way more than the paper's worth." —Stephanie Riegel
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