NEW YORK--(BUSINESS WIRE)--New Media Investment Group Inc. (“New Media” or the “Company”, NYSE:NEWM), one of the largest publishers of locally based print and online media in the United States as measured by number of publications, announced today that it has completed the previously announced acquisition of Journal Multimedia using cash on the balance sheet.
Journal Multimedia, a multi-title publisher of business journals, trade and consumer magazines, digital products, and a research and events division, was acquired for $18.0 million, or at the mid-point of our acquisition range of 3.5x to 4.5x the seller’s LTM As Adjusted EBITDA.
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 March 27, 2016, the Company operates in over 520 markets across 35 states. New Media’s portfolio of products, as of March 27, 2016, include over 620 business and community publications and over 520 websites, serve more than 195,000 business advertising accounts, and reach 20 million people on a weekly basis.
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