New Media Announces the Acquisition of the Monroe News for $5.2 Million (9/24/15)
NEW YORK--(BUSINESS WIRE)--New Media Investment Group Inc. (“New Media” or the “Company”, NYSE:NEWM) announced today that it completed the acquisition of substantially all of the assets of the Monroe Publishing Company, including the daily newspaper, the Monroe News, for $5.2 million in cash, or 4.1x 2014 As Adjusted EBITDA. With its 190 year heritage, the Monroe News, located in southeastern Michigan, is the longtime newspaper of record in its community, and has a daily and Sunday circulation of approximately 14,000 and 21,000, respectively.
Michael E. Reed, President and Chief Executive Officer of New Media, commented, “Today’s announced acquisition highlights our continued success at purchasing high-quality, local media assets that fit well within our operating and financial metrics. The publications are located near our current cluster in Michigan which makes it the ideal tuck-in acquisition to integrate into our current operations. We are pleased to add this terrific newspaper and its employees into our growing New Media family.”
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 our 126 daily publications. As of June 28, 2015, the Company operates in over 490 markets across 32 states. New Media’s portfolio of products, as of June 28, 2015, include over 575 community publications and over 490 related websites, serve more than 215,000 business advertising accounts and reach over 22 million people on a weekly basis. http://www.businesswire.com/news/home/20150924005660/en/Media-Announces-Acquisition-Monroe-News-5.2-Million#.VgRcLTZdGUk