New Media Completes Acquisition of the Akron Beacon Journal for $16.0 Million & Completes the Sale of Substantially All of th...
May 14 2018 - 5:50AM
Business Wire
New Media Investment Group Inc. (“New Media” or the “Company”,
NYSE:NEWM), one of the largest publishers of locally based print
and online media in the United States as measured by number of
publications, announced today that it has completed its acquisition
of substantially all of the publishing and related assets of the
Akron Beacon Journal from Black Press, Ltd. (“Black Press”) for
$16.0 million on May 11, 2018. In a separate transaction, New Media
has completed its sale of substantially all of the publishing and
related assets of GateHouse Media Alaska Holdings, Inc. (“Alaska
Properties”) to Black Press.
The Akron Beacon Journal has been the newspaper of record in
Greater Akron for over 175 years. It has a daily circulation of
over 68,000 and also offers the leading digital source of news for
the local market, Ohio.com. It has received the Pulitzer Prize four
times and annually receives many accolades for its journalism.
Akron is located in northeast Ohio and is the fifth-largest city in
the state and is the county seat of Summit County. It has a low
cost of living and strong retail sales, with both per capita income
and median home values higher than the state average.
About New Media Investment Group
Inc.
New Media supports small to mid-size communities by providing
locally-focused print and digital content to its consumers and
premier marketing and technology solutions to our small and medium
business partners. The Company is one of the largest publishers of
locally based print and online media in the United States as
measured by our 144 daily publications. As of April 1, 2018, New
Media operates in over 565 markets across 38 states reaching over
23 million people on a weekly basis and serves over 219,000
business customers.
For more information regarding New Media and to be added to our
email distribution list, please visit www.newmediainv.com.
Forward-Looking
Statements
Certain items in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding the potential benefits of each of
the transactions. These statements are based on management’s
current expectations and beliefs and are subject to a number of
risks and uncertainties, such as general economic conditions in the
markets in which we operate, closing conditions of each of the
anticipated transactions, inadequate diligence and difficulties
integrating and reducing expenses following the anticipated
acquisition. These and other risks and uncertainties could cause
actual results to differ materially from those described in the
forward-looking statements, many of which are beyond our control.
The Company can give no assurance that its expectations will be
attained. Accordingly, you should not place undue reliance on any
forward-looking statements contained in this press release. For a
discussion of some of the risks and important factors that could
cause actual results to differ from such forward-looking
statements, see the risks and other factors detailed from time to
time in the Company’s Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q and other filings with the Securities and Exchange
Commission. Furthermore, new risks and uncertainties emerge from
time to time, and it is not possible for the Company to predict or
assess the impact of every factor that may cause its actual results
to differ from those contained in any forward-looking statements.
Such forward-looking statements speak only as of the date of this
press release. The Company expressly disclaims any obligation to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company’s
expectations with regard thereto or change in events, conditions or
circumstances on which any statement is based.
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version on businesswire.com: https://www.businesswire.com/news/home/20180514005229/en/
New Media Investment Group Inc.Ashley Higgins,
212-479-3160Investor Relationsir@newmediainv.com
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