An Illinois newspaper owned by a not-for-profit charity has been sold after the publishing business went into Chapter 11 bankruptcy.

News-Gazette Media had been owned by the Marajen Stevick Foundation - formed after the death of Marajen Stevick Chinigo in 2002 to run the paper and make funds available for purposes including advancing journalism - having been founded by David W. Stevick in 1919.
Now the sale of the Champaign News-Gazette and related broadcast operations has closed following approvals from the US Bankruptcy Court and regulatory agencies. The buyer is family-owned Champaign Multi Media Group, an affiliate company of Community Media Group, headquartered in West Frankfort, Illinois.

Merger and acquisition firm Dirks, Van Essen, Murray & April represented News-Gazette Media in the transaction.

Included are the 23,000-circulation daily News-Gazette, three radio stationsand weekly newspapers, free distribution shoppers and digital websites in Paxton, Gibson City, Rantoul, Piatt County and Vermilion County.

Community Media Group owns community newspapers with websites in several midwestern states including Illinois, Indiana and Iowa, as well as papers in Michigan, Pennsylvania and New York.

News-Gazette Media filed voluntary petitions for relief under Chapter 11 of the US bankruptcy code in August.