The parent of The Post and Courier in Charleston, South Carolina, is proposing to spin off its newspaper division and other subsidiaries into three separate businesses under a plan to realign the holdings of the family-owned company, it was announced April 5.
The restructuring of Charleston-based Evening Post Industries is expected to be completed by Sept. 30, CEO John Barnwell said.
None of the businesses is being sold, he said.
Under the reorganization, Evening Post Industries will capitalize the companies before spinning them off as independent standalone ventures with separate management and boards of directors.
“They’re not going to be under the same corporate umbrella we have now,” Barnwell said. Members of the Manigault, Gilbreth and Herres families will remain as shareholders, but their ownership stakes will decline or increase based on their individual preferences and business interests.
Many of the details are still being finalized, Barnwell said.
“This company split will allow the principal owners to better align their interests while maintaining a very high degree of stable and well-known management continuity,” he said.
The holding company, which dates back to 1896, eventually will be dissolved.
The Post and Courier and the other papers that Evening Post Industries owns will be one of the spinoffs. It will be led by Pierre Manigault, who is currently chairman of the parent company.
