New Media Announces the Acquisition of the Foster’s Daily Democrat (12/01/14)
NEW YORK--(BUSINESS WIRE)--New Media Investment Group Inc. (NYSE: NEWM; “New Media” or the “Company”) announced today that it completed the acquisition of the Foster’s Daily Democrat along with other publications and related assets for $5.0 million in cash from the Foster family. The publications are located around Dover, NH, and the daily newspaper has a circulation of approximately 12,000.
“I’m pleased to announce the acquisition of the Foster’s Daily Democrat, a well-established daily newspaper first printed in 1873,” said Michael E. Reed, New Media’s President and CEO. “In addition to the daily paper, New Media also acquired two weekly publications and one direct mail company. The publications are located approximately 13.0 miles northwest of New Media’s cluster in Portsmouth, NH which make it ideal to integrate into our current operations. Under the leadership of the Foster family for the past 141 years, the Foster’s Daily Democrat has remained the dominant source of local news in its community. As new owners of this historic paper, we look forward to continuing their long standing tradition and further enhancing the relationship with readers and businesses going forward.”
About New Media Investment Group
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. As of September 28, 2014, the Company operates in over 370 markets across 27 states. New Media’s portfolio of products, as of September 28, 2014, includes 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.
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