Freedom Directors to Meet in January

Directors of the family-owned media company that owns the Orange County Register will meet in January to consider options to raise money for shareholders, including selling all or part of the company. The Freedom Communications Inc. board of directors met Tuesday to discuss a report prepared on behalf of fourth-generation descendants of R.C. Hoiles, who founded the company in the 1930s.

The youngest members of the family are working on a plan to allow other family members to sell shares in the privately held company. Some older members have been disappointed in the company’s performance and its effect on their holdings in recent years.

The report, prepared by Merrill Lynch, outlined options for the younger generation to buy shares from older members who are looking for cash, Freedom Chief Executive Alan Bell said. The Irvine-based company is one of the last family-owned media companies in the country. It owns 28 daily newspapers, 37 weeklies and eight television stations, including the flagship Register.