New Media Announces Agreement to Acquire Calkins Media Incorporated for $17.5 Million
June 19 2017 - 6:50AM
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 agreed to acquire several
newspapers and related assets from Calkins Media, Inc. (“Calkins”)
for $17.5 million, within New Media’s stated acquisition range of
3.5x – 4.5x LTM As Adjusted EBITDA. We expect the transaction to
close within the next 30 days.
Calkins, the family-owned collection of local media assets in
the Philadelphia and Pittsburgh suburbs, is selling four
six-day-a-week newspapers and one weekly in addition to online and
digital products. Privately owned and operated for 80 years,
Calkins has consistently been recognized for its quality news
coverage, editorial content, printing quality, and digital news
innovation. New Media is acquiring The Intelligencer (19,000
week-day circulation, 27,000 Sunday circulation), The Bucks County
Courier-Times (23,000 weekday circulation, 35,000 Sunday
circulation), The Burlington County Times (15,000 weekday
circulation, 22,000 Sunday circulation), and The Beaver County
Times (18,000 weekday circulation, 24,000 Sunday circulation). In
addition to the print publications, the acquisition also includes
the operations of the Calkins Digital Group, a press facility and
all related websites and other digital operations.
“New Media is honored that the Calkins family has chosen us as
the future owners of their newspapers. We are excited to be
expanding our footprint in Pennsylvania and look forward to working
with their employees to further enhance the strong partnerships
they have built over the past 80 years,” said Michael E. Reed, New
Media President and Chief Executive Officer. “The Calkins
publications have been consistently recognized for their high
quality journalism as well as for innovation. Their digital group
has been pioneering the use of video and streaming content, which
is something we are excited to explore further across our New Media
footprint.”
About New Media Investment Group
Inc.
New Media supports small to mid-size communities by providing
locally-focused print and digital content to its consumers and
premier marketing and technology solutions for our small and medium
businesses partners. The Company is one of the largest publishers
of locally based print and online media in the United States as
measured by our 130 daily publications. As of March 26, 2017, the
Company operates in over 555 markets across 36 states. New Media’s
portfolio of products, as of March 26, 2017, include over 650
community publications and over 555 websites, serve more than
225,000 business advertising accounts, and reaches over 23 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.
Forward-Looking Statements
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 anticipated transaction. These statements are based
on management’s current expectations and beliefs and are subject to
a number of risks and uncertainties. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170619005381/en/
New Media Investment Group Inc.Ashley Higgins,
212-479-3160Investor Relationsir@newmediainv.com
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