Privately held Freedom Communications Inc. reached a deal with creditors under which the media company will restructure while under bankruptcy court protection.

Freedom's lenders, which hold roughly $770 million in debt, are expected to take control of the company as it operates under bankruptcy protection. The lenders include JPMorgan Chase & Co., SunTrust Banks Inc. and Union Bank of California.

With annual revenue of about $700 million, Freedom owns the Orange County Register, more than 30 other daily papers and eight television stations. It has been majority owned for more than 70 years by the Hoiles family.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.