‘Advocate’ deal up to Georges, publisher says

Nearly one month after The Advocate stunned Baton Rouge readers by announcing it is in serious sales talks with a potential buyer—later identified by Daily Report to be New Orleans businessman John Georges— negotiations between the two sides continue with no word on if or when a deal may come together. Advocate Publisher David Manship, who is not directly involved in the negotiations, says it is his understanding the ball is in Georges’ court right now. “It’s strictly up to him. … I guess he’s thinking about it,” says Manship. “Frankly, I’ll be glad when it’s all over.” Manship declines to discuss the asking price for the family-owned paper, though he says it is more than $50 million. “I’m telling you it’s high,” he says. “It’s not worth what we’re asking for it.” The value of the privately held paper is unknown because its financials are not public. However, industry experts have estimated it could be between $25 million and $50 million, not counting its estimated $30 million debt load. Among his three siblings, Manship says he alone was against selling the paper, but was outvoted. “I kind of have a closer deal to it than the others do,” he says, adding that his reticence to sell has not hampered negotiations with Georges. —Stephanie Riegel