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New Media Announces Agreement to Acquire Halifax Media

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Enterprising Investor Member Level  Thursday, 11/20/14 06:32:11 PM
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New Media Announces Agreement to Acquire Halifax Media Group for $280.0 Million (11/20/14)

NEW YORK--(BUSINESS WIRE)--New Media Investment Group Inc. (NYSE:NEWM; “New Media” or the “Company”) announced today that it has reached an agreement to purchase substantially all of the assets of Halifax Media Group (“Halifax” or “Halifax Media”) for $280.0 million in cash, subject to working capital adjustments. New Media intends to fund the acquisition with a combination of cash on the balance sheet and incremental debt under its existing term loan. Halifax Media is a leading newspaper publisher serving communities primarily in the southeastern portion of the United States. Halifax publishes 36 newspapers, including 24 dailies, and affiliated websites, and has a total daily circulation of approximately 635,000 and 752,000 on Sunday.

Michael E. Reed, New Media’s President and CEO commented, “This is a very exciting day for our Company. Halifax Media is one of the premier, locally oriented media companies in the United States whose business fits extremely well within New Media. Michael Redding, Chief Executive Officer of Halifax Media, and his team have done a wonderful job building one of the best, local media businesses in the country, and we look forward to continuing their tradition of producing high quality, local content and products serving their communities.

“Halifax’s publications are all well-established, leading providers of local news in the communities they serve. The daily newspapers have demonstrated journalistic excellence and have been awarded multiple Pulitzer Prizes. Additionally, the acquisition further diversifies New Media’s business from both a geographic and customer standpoint. These markets also present a tremendous opportunity for New Media to expand its digital businesses, Propel and BestRide, as these markets expand our footprint of small and mid-size businesses we will be able to reach.

“I’m also pleased to announce that, not only is this acquisition transformative for New Media, it is accretive as well, and we’re excited to close the transaction. Once closed, we will have deployed approximately $430 million in local media assets in a little over one year. As we look toward 2015, we are excited to integrate Halifax’s publications into New Media’s business, and continue to successfully execute on our strong pipeline of other potential deals.”

“It has been an honor to lead such a talented group of employees. Their dedication to excellence has helped us build an extraordinary company,” said Michael Redding, Halifax CEO. “There is so much potential for these publications, especially with our digital products and services. New Media is acquiring a company that has amazing employees, premier products, and businesses located in some of the best markets in the Southeast. By combining New Media’s geographic footprint with Halifax Media’s southeast reach it will be a powerhouse in the industry.”

New Media anticipates the deal will close in the first quarter of 2015 subject to customary closing conditions; however, there can be no assurance as to the timing or the occurrence of the closing.

Stephens Inc. served as exclusive financial advisor to Halifax Media Group.

About New Media Investment Group Inc.

New Media is focused primarily on investing in a high quality, diversified portfolio of local media assets, and on growing existing advertising and digital marketing businesses. The Company is one of the largest publishers of locally based print and online media in the United States as measured by the number of daily publications. The Company operates in over 370 markets across 27 states. New Media’s portfolio of products which include 450 community publications, over 370 related websites, and six yellow page directories, serve more than 130,000 business advertising accounts and reach over 14 million people on a weekly basis.

For more information regarding New Media and to be added to our email distribution list, please visit www.newmediainv.com.

http://www.businesswire.com/news/home/20141120006591/en/Media-Announces-Agreement-Acquire-Halifax-Media-Group#.VG558fnF98E

"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
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