New Media Investment Group Inc., in its first year as a publicly traded company, announced Thursday it has reached an agreement to purchase Stephens Media LLC of Arkansas for $102.5 million.
The deal is expected to close in the first quarter this year.
The New York-based company intends to fund the acquisition with cash on the balance sheet and available capacity under its credit facility, according to a news release issued late Thursday afternoon.
Stephens Media, formerly known as Donrey Media Group, is a newspaper publisher operating eight daily newspapers, over 65 weekly and niche publications, and more than 50 websites serving communities throughout the United States. The assets have a combined average daily circulation of approximately 221,000 and 244,000 on Sunday.
The company is based... [ MORE ]