After 120 years of family ownership, Paddock Publications is changing hands. The descendants of patriarch and founder Hosea C. Paddock are selling their interest in the parent company of the Daily Herald, which is expected to convert to full employee ownership before the end of the year.
Calling it “one of the most important decisions we have ever made,” Doug Ray, chairman, publisher and CEO of the company, announced Thursday that Paddock Publications would switch entirely to an Employee Stock Ownership Plan, a move approved unanimously by the board of directors Tuesday. The Arlington Heights-based publisher has been partially employee-owned since 1976 when the ESOP was established. Continue reading












