NEW YORK--(BUSINESS WIRE)--New Media Investment Group Inc. (“New Media” or the “Company”, NYSE:NEWM) announced today it has completed the previously announced acquisition of The Providence Journal and related print and digital assets for $46.0 million in cash from A. H. Belo Corporation (“A. H. Belo”, NYSE: AHC). The purchase price was funded with a combination of cash on the balance sheet and an incremental $25.0 million on the Company’s existing term loan. The Providence Journal is one of the oldest print publications in the United States and has a daily circulation of approximately 72,000 and 96,000 on Sunday.
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. Including the closing of The Providence Journal acquisition, the Company operates in 363 markets across 27 states. Including the closing of The Providence Journal acquisition, New Media’s portfolio of products include 451 community publications, 367 related websites, and six yellow page directories, serve more than 130,000 business advertising accounts and reach over 12 million people on a weekly basis.
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