Georges closing in on letter of intent to buy ‘Advocate,’ sources say

Sources familiar with negotiations tell Daily Report that New Orleans businessman John Georges could sign a letter of intent with the Manship family to acquire The Advocate by the end of this month, though they caution the deal is not yet finalized. Since last fall, the two sides have been negotiating over the sale of the daily paper. The Advocate Publisher David Manship did not return phone calls requesting comment earlier this week. Georges declined to comment, citing a confidentiality agreement, though he did tell Daily Report earlier this week he “expects a deal by summer.” Sources say the letter of intent would only lay out the general terms of the deal and that a document outlining the specifics of the acquisition will not come until later. In January, Manship said he expected the deal to happen “in the next couple of weeks” and that the family was asking “way more than the paper is worth.” Industry sources have calculated the paper’s value at somewhere between $30 million and $40 million, not including its some $30 million debt load. —Stephanie Riegel