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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Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected timing, closing and benefits of the acquisition and our intention to stabilize our traditional print business, grow our digital business and revenues and pursue and complete future acquisition opportunities. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties, such as a continued declines in advertising circulation, economic conditions in the markets in which we operate, competition from other media companies, the possibility of insufficient advertising interest in our digital business, technological developments in the media sector, an ability to source acquisition opportunities with an attractive risk-adjusted return profile, inadequate diligence of acquisition targets, and difficulties integrating newly acquired businesses. These and other risks and uncertainties could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond our control. The Company can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in the Company’s Annual Report on Form 10-K and filings with the Securities and Exchange Commission. Furthermore, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.