New Media Completes the Acquisition of Harris Enterprises for $20.4 Million
November 30 2016 - 4:15PM
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 acquisition
of substantially all of the assets of Harris Enterprises, Inc.
(“Harris”) for $20.4 million, or at the mid-point of New Media’s
acquisition range of 3.5x – 4.5x LTM As Adjusted EBITDA.
Harris, the family-owned collection of local media assets in
central Kansas and eastern Iowa, is comprised of six
newspapers-of-record and multiple weekly and niche print products.
Privately owned and operated for over a century, Harris has
consistently been recognized for its quality news coverage,
editorial content, printing quality, and digital news innovation.
Today, its largest titles include The Hutchinson News (26,200 daily
circulation), Salina Journal (24,900 daily circulation), The
Burlington Hawk Eye (15,200 daily circulation), The Hays Daily News
(8,000 daily circulation), The Garden City Telegram (6,700 daily
circulation), and The Ottawa Herald (3,600 circulation, published
three times per week). In addition to the print publications, the
acquisition also includes Harris’ press facilities and all related
websites and other digital operations.
“Dating back as far as 1837, the Harris publications have an
established history of providing local news and information to the
communities they serve, making them a natural fit for New Media’s
growing portfolio of local media assets,” said Michael E. Reed, New
Media President and Chief Executive Officer. “After owning the
newspapers for over a century, we’re honored the Harris family has
chosen New Media as the future owners and look forward to working
with their employees to further enhance the partnership the
publications have within their respective communities.”
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 its 121 daily
publications. As of September 25, 2016, the Company operates in
over 525 markets across 36 states. New Media’s portfolio of
products, as of September 25, 2016, includes over 600 business and
community publications and over 525 websites, serves more than
200,000 business advertising accounts, and reaches 20 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161130006341/en/
New Media Investment Group Inc.Ashley Higgins,
212-479-3160Investor Relationsir@newmediainv.com
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