Triple Crown Media divests Host Communications Inc. unit

Newspaper publisher Triple Crown Media, Inc. (Nasdaq: TCMI) said it sold its Host Communications Inc. unit to media company IMG.

Under the agreement, Host, which offers college sports marketing and management and media services, will operate as a division of IMG's College Sports Group.

IMG said the acquisition was a strategic move for the company to expand its presence in collegiate sports and broaden its scope in collegiate marketing, management and media.

The agreement is expected to close in mid-November.

Shares of Triple Crown (TCMI) rose $1.08, or 24.43% to $5.50 at 12:18 p.m. ET. Media Shares of Triple Crown Media have been trading in the range of $4.41 to $11.54 for the past 52 weeks.

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