John Georges, the multi-millionaire, the former gubernatorial candidate and the former mayoral candidate is the businessman “seriously interested” in buying the Advocate which the Morning Advocate focusing upon the Baton Rouge area but now as of last fall, has entered into the New Orleans market in a big way.
Georges has confirmed his interest to Bayoubuzz.
Earlier today, the Advocate published the following:
“John Georges, who has business holdings ranging from food service distribution to Galatoire’s restaurant, said Monday he has “serious interest” in buying The Advocate.
Georges, 52, of New Orleans, said talks with Capital City Press, which owns The Advocate, “have gone beyond a conversation.”
“I love Louisiana and I like to buy and own Louisiana companies,” he said.
Georges said he would not discuss terms of a transaction or his strategy in negotiations, and that if there is any offer for the newspaper it would be before the summer…..”
Georges said he approached Capital City Press 18 months ago about buying The Advocate.
The Advocate launched its daily New Orleans edition in October to fill the void created by The Times-Picayune’s decision to switch to a three-day-a-week print edition.
Georges said his talks with the Manship family, who own Capital City Press, were put on hold for several months while the daily New Orleans edition was launched. “I love spending most of my time in New Orleans and it saddened me what happened with The Times-Picayune,” Georges said. But talks with The Advocate were re-engaged at the end of 2012, he said.
Much of Georges’ success stems from the growth of the nearly 100-year-old family business, Imperial Trading Co., which was started as a “mom-and-pop business” by his maternal grandfather, a Greek immigrant named C.H. Pelias.
Imperial Trading, a wholesale grocery company, has branches throughout the South, distributing goods to convenience stores. The company does nearly $1 billion in annual sales.
Should Georges and the Manship family ultimately enter into an agreement to transfer ownership, it would be interesting to see if that would quench his apparent desire to enter the public market once again as an elected official.
Georges flirted with the idea of running for Governor against Bobby Jindal in 2011 but decided at the last moment not to do so after putting $10 million dollars into a campaign warchest. His name also has been discussed as a possible candidate for governor in 2015. Jindal is term limited.
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