A federal judge approved the bankruptcy and sale of the state's largest newspaper today in an Anchorage courtroom.
The Alaska Dispatch News was more than 2.5 million dollars in debt, and in danger of liquidation if Judge Gary Spraker hadn't signed off on the sale to the Fairbanks-based Binkley group, headed by the family that owns popular local tour attractions Riverboat Discovery and Gold Dredge 8.
Today's sale was an auction, but no other bidders emerged.
The purchase price of the paper was $1 million dollars - a far cry from the $34 million dollars former owner Alice Rogoff paid to buy it in 2014.
It remains to be seen what the paper and it's staff will look like under new ownership, but cuts appear likely as the paper's operators testified it is losing approximately $18,000 dollars per day in it's current structure.