EWTN Global Catholic Network has signed a letter of intent to acquire the National Catholic Register, the nation's leading Catholic newspaper.
"I am very pleased and excited that the Register will now be a part of the EWTN family," said Michael P. Warsaw, the Network's president and chief executive officer. "All of us at EWTN have great respect for the Register and the role it has played throughout its history. It's a tremendous legacy that deserves to not only be preserved, but also to grow and to flourish."
"I believe that EWTN will be able to provide the stability that the Register needs at this time as well as to give it a platform for its growth in the years ahead. We're proud to be able to step in and carry on both the Register's name and its tradition of faithful Catholic reporting on the issues of the day," noted Warsaw.
Under the terms of the transaction, no cash will be exchanged between the parties. EWTN will take over the ongoing operational expenses of the Register and will assume the paper's future subscription liabilities.
The acquisition of the Register is the latest in EWTN's efforts to expand its news presence in the global Catholic digital and multimedia market. At the start of 2010, EWTN entered into a partnership with the Catholic News Agency (CNA), a Denver-based independent Catholic news media outlet with bureaus in North and South America and Europe. Under that agreement, EWTN and CNA are sharing news resources and have created a joint news service found at www.ewtnnews.com. That arrangement was recently expanded to include a new original Spanish-language news service, EWTN Noticias, ( www.ewtnnoticias.com) launched in January 2011.