Fortress Investment Group LLC to Acquire Liberty Group Publishing, Inc. From Leonard Green & Partners, L.P.

11 May, 2005, 01:00 ET from Liberty Group Publishing, Inc.

    NORTHBROOK, Ill., May 11 /PRNewswire/ -- Liberty Group Publishing, Inc.
 today announced that its Board of Directors and its shareholders, including
 affiliates of Leonard Green & Partners, L.P., unanimously approved a
 definitive agreement for Liberty Group Publishing, Inc. to merge with an
 affiliate of Fortress Investment Group LLC.  The acquisition by way of merger
 is expected to close during the second quarter of 2005.  The terms of the
 transaction were not disclosed.  Bear, Stearns & Co. Inc. acted as financial
 advisor to Liberty Group Publishing, Inc.
     Liberty Group Publishing, Inc., headquartered in Northbrook, Illinois, is
 a leading U.S. publisher of local newspapers and related publications that are
 the dominant source of local news and print advertising in their markets.
 Liberty Group Publishing owns and operates 274 publications located in 15
 states that reach approximately 2.1 million people on a weekly basis.  The
 majority of the Company's paid daily newspapers have been published for more
 than 100 years and are typically the only paid daily newspapers of general
 circulation in their respective non-metropolitan markets.
     Leonard Green & Partners, L.P. is a private Los-Angeles based merchant
 banking firm specializing in organizing, structuring and sponsoring management
 buyouts, going-private transactions and recapitalizations of established
 public and private companies.  Leonard Green & Partners, L.P. currently
 manages approximately $3.7 billion in equity capital.
     Fortress Investment Group LLC is a global alternative investment and asset
 management firm founded in 1998 with approximately $15 billion in equity
 capital currently under management.  Through its private equity funds,
 Fortress Investment Group LLC manages approximately $6.9 billion of capital on
 behalf of prominent institutional investors and high net worth individuals.
 The firm's private equity activities focus on investing in asset-based and
 cash flowing businesses in the financial services, real estate, media and
 telecommunications, transportation, healthcare, and energy and power
 industries.
 
 

SOURCE Liberty Group Publishing, Inc.
    NORTHBROOK, Ill., May 11 /PRNewswire/ -- Liberty Group Publishing, Inc.
 today announced that its Board of Directors and its shareholders, including
 affiliates of Leonard Green & Partners, L.P., unanimously approved a
 definitive agreement for Liberty Group Publishing, Inc. to merge with an
 affiliate of Fortress Investment Group LLC.  The acquisition by way of merger
 is expected to close during the second quarter of 2005.  The terms of the
 transaction were not disclosed.  Bear, Stearns & Co. Inc. acted as financial
 advisor to Liberty Group Publishing, Inc.
     Liberty Group Publishing, Inc., headquartered in Northbrook, Illinois, is
 a leading U.S. publisher of local newspapers and related publications that are
 the dominant source of local news and print advertising in their markets.
 Liberty Group Publishing owns and operates 274 publications located in 15
 states that reach approximately 2.1 million people on a weekly basis.  The
 majority of the Company's paid daily newspapers have been published for more
 than 100 years and are typically the only paid daily newspapers of general
 circulation in their respective non-metropolitan markets.
     Leonard Green & Partners, L.P. is a private Los-Angeles based merchant
 banking firm specializing in organizing, structuring and sponsoring management
 buyouts, going-private transactions and recapitalizations of established
 public and private companies.  Leonard Green & Partners, L.P. currently
 manages approximately $3.7 billion in equity capital.
     Fortress Investment Group LLC is a global alternative investment and asset
 management firm founded in 1998 with approximately $15 billion in equity
 capital currently under management.  Through its private equity funds,
 Fortress Investment Group LLC manages approximately $6.9 billion of capital on
 behalf of prominent institutional investors and high net worth individuals.
 The firm's private equity activities focus on investing in asset-based and
 cash flowing businesses in the financial services, real estate, media and
 telecommunications, transportation, healthcare, and energy and power
 industries.
 
 SOURCE  Liberty Group Publishing, Inc.