New Media Completes Acquisition of the Erie Times-News (1/13/16)
NEW YORK--(BUSINESS WIRE)--New Media Investment Group Inc. (“New Media” or the “Company”, NYSE:NEWM) today announced that it has completed the previously announced acquisition to purchase substantially all of the publishing operations of the Times Publishing Company. The assets, which include the dominant, local daily newspaper, the Erie Times-News, and the assumption of certain liabilities, were acquired for $11.5 million and funded with cash on the balance sheet.
Erie Times-News, first published in 1888, is the dominant source of local news and advertising in Erie, a growing market in northwest Pennsylvania. The publication reaches more than 90% of adults in the market over a 30-day period, and their website, GoErie.com, has a 75% market share in local digital page views. Today, the flagship paper has an average weekday circulation of over 39,000 and a Sunday circulation of over 55,000.
“Rarely does an opportunity emerge to acquire a century-old newspaper from its founding family,” commented Michael Reed, New Media’s President and CEO. “To date, this award winning daily newspaper continues to be a leading provider of local news in its community, as demonstrated by its high penetration and readership rates. We are honored that the Mead family has chosen New Media as the future owners of the Erie Times-News, and we look forward to working with its employees to continue the tradition of providing high-quality journalism to the Erie community.”
Dirks, Van Essen & Murray served as exclusive financial advisor to the Times Publishing Company.
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 125 daily publications. As of September 27, 2015, the Company operates in over 490 markets across 32 states. New Media’s portfolio of products, as of September 27, 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.
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/20160113005168/en/Media-Completes-Acquisition-Erie-Times-News