Harte-Hanks has entered into a definitive agreement to sell the assets of its Florida Shoppers operations, The Flyer®, to Coda Media Corp. for gross proceeds of approximately $2 million in the form of a secured promissory note, subject to working capital. Coda Media is a Tampa-based corporation owned by Dick Mandt, founder of The Flyer.
The transaction is expected to close on or before December 31, 2012 upon satisfaction of customary closing conditions. Harte-Hanks anticipates the transaction will result in a one-time after-tax loss of approximately $1.0 million. Harte-Hanks intends to use the proceeds from the transaction for general corporate purposes.