NEW YORK--(BUSINESS WIRE)--New Media Investment Group Inc. (“New Media” or the “Company”, NYSE:NEWM) announced today that it has completed two acquisitions with a total purchase price of $15.3 million. The two acquisitions are as follows:
- American Consolidated Media Southwest (“ACM SW”) – The ACM SW operations are comprised of five daily, nine weekly newspapers and four shoppers centered on small-market communities in Texas, Oklahoma and Kansas. The regional publishing group’s assets are concentrated in Texas and have a total paid circulation of approximately 32,000 across all three states. The business also has a strong shopper group in south Texas with distribution to more than 225,000 households each week.
- Petersburg Progress-Index (“PPI”) – The assets include one daily newspaper, The Petersburg Progress-Index, as well as a weekly publication, The Colonial Voice, in a growing market 25 miles south of Richmond, Virginia. The Petersburg Progress-Index has a Sunday circulation of approximately 12,000 and daily circulation of 9,800.
New Media President and Chief Executive Officer, Michael E. Reed, said, “Today’s announced acquisitions highlight our continued success at purchasing high-quality, local media assets that fit within our operating and financial metrics. The ACM SW assets consist primarily of community newspapers in Texas that operate in markets where they are by far the leading source of local news and print advertising. The Petersburg Progress-Index in Virginia has a historic, 148-year presence in the community, and is positioned to continue its leading presence in its market for local news and information. We look forward to bringing these businesses and their respective employees into the New Media family and to further their traditions as vital partners to their local communities.
“To date we have purchased $105.3 million of local media assets. We look forward to the second half of the year as we continue to execute on our strategy and believe we have a great opportunity to create shareholder value.”
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 number of daily publications. Including the announced acquisitions, the Company will operate in 362 markets across 26 states. Including the announced acquisitions, New Media’s portfolio of products, which will include 449 community publications, 366 related websites, and six yellow page directories, will serve more than 130,000 business advertising accounts and will reach over 12 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.
Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the expected timing, closing and benefits of the acquisitions and our intention to stabilize our traditional print business, grow digital 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.