(MONTGOMERY, Ala.) — Alabama’s employee pension fund has become sole owner of one of the largest chains of local U.S. newspapers.
CHNI LLC has been acquired by the Retirement Systems of Alabama. The company 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.
CNHI previously operated with the state retirement system as its creditor. CNHI chief executive Donna Barrett says in a statement the acquisition will provide stability for the newspaper group.
Financial details weren’t announced.
Alabama’s pension fund has other non-traditional investments including golf courses, airliners and the largest office building in New York City.