New Media acquires 79 publications from Morris Publishing Group [Seeking Alpha]
NEW MEDIA INVESTMENT GROUP (NEWM)
Last new media investment group earnings: 10/26 06:50 am
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US:NYSE Investor Relations:
newmediainv.com
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Source: Seeking Alpha
New Media Investment Group (NYSE: NEWM ) announces it struck a deal to acquire 79 publications and related assets from Morris Publishing Group for $120.0M. The publication assets purchased are spread across Georgia, Florida, Texas, Kansas, Arkansas and Alaska. The dailies picked up include The Florida Times-Union (44,750 daily circulation and 68,591 Sunday circulation), The Augusta Chronicle (26,862 daily circulation and 31,682 Sunday circulation), and the Savannah Morning News (21,588 daily circulation and 26,048 Sunday circulation). "This transaction will expand our footprint into new states and add some very attractive markets to our local media portfolio. We see strong synergies between our two companies and look forward to the value creation opportunity that will exist as we combine the portfolios," says New Media CEO Michael Reed. The transaction is expected to close early in Q4. Source: Press Release
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