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 acquired substantially all the assets of Online Automotive Solutions (“OAS”), a tech-enabled video, data and auto-focused inventory solutions provider, for $4.0 million. This acquisition expands the digital marketing services that UpCurve, New Media’s small business solutions provider, offers through its GateHouse Auto vertical.
OAS, led by founder Jeff Urgo, has provided auto-focused marketing services to media companies and auto dealers, including Cars.com, Chicago Tribune Company, Vehix.com and Sun-Sentinel Publishing Company, for over 10 years. Urgo joins UpCurve as Vice President of Sales for its GateHouse Auto division, effective immediately.
The OAS acquisition further enables GateHouse Auto to expand its offerings to the automotive industry by delivering best-in-class inventory marketing solutions along with its full-suite of digital and print advertising products. The OAS platform creates digital video of specific vehicles and syndicates the content to the auto dealer’s website as well as major consumer facing sites including Autotrader and Cars.com. Through targeted, data-driven campaigns, GateHouse Auto delivers a dealer’s brand and message into more than 80% of the moments influencing auto intenders on their journey to find a new vehicle.
“Online Automotive Services is a great addition to the solutions UpCurve’s GateHouse Auto division offers car dealers,” said Peter Newton, UpCurve’s CEO. “This platform is on the leading edge of the market shift away from photos to videos, which is becoming the standard consumer expectation in the auto space. Having Jeff’s vast experience with both automotive and media companies as well as his data-focused approach to inventory management, is very exciting for our company and our customers.”
About New Media Investment Group Inc.
New Media supports small to mid-sized communities by providing locally-focused print and digital content to its consumers and premier marketing and technology solutions to its small and medium business partners. The Company is one of the largest publishers of locally based print and online media in the United States as measured by our 142 daily publications. As of December 31, 2017, New Media operates in over 565 markets across 38 states reaching over 22 million people on a weekly basis and serves approximately 215,000 business customers.
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, including, but not limited to, statements regarding our ability to complete the anticipated acquisition described in this press release and the anticipated timing of closing such acquisition, our ability to grow our business and product offerings with this acquisition, including in the GateHouse Auto vertical, and other potential benefits of the anticipated transaction. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties, such as general economic conditions in the markets in which we operate, closing conditions of the anticipated acquisition, inadequate diligence and difficulties integrating and reducing expenses following the anticipated acquisition. 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, Quarterly Reports on Form 10-Q and other 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.