New Media Investment Group (NEWM) to Acquire the Newspaper Assets of Schurz Communications for $30 Million

January 29, 2019 6:50 AM EST

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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 the newspapers and related assets of Schurz Communications, Inc. (“Schurz”) for $30.0 million.

Schurz is selling ten daily newspapers, which include the highly attractive college towns of South Bend, IN (The South Bend Tribune) and Bloomington, IN (Herald-Times). The group has average daily circulation of 105,000 and Sunday circulation of 94,000 and its websites average over 4 million unique visitors monthly and have over 300,000 social media followers. Additionally, there are nine weekly and fourteen other community publications that have aggregate weekly circulation of 250,000. These assets span Indiana, South Dakota, Maryland, Michigan, and Pennsylvania.

“We are excited to welcome the Schurz publications and their employees into New Media,” said Michael E. Reed, New Media President and Chief Executive Officer. “After nearly 150 years of ownership, we are honored that the Schurz family has chosen us to steward these papers into the future. They have a long history of strong journalism and community impact and we are excited to build upon their digital efforts with the introduction of our UpCurve products.”

The transaction is expected to close in the first quarter. Moorgate Securities, LLC acted as exclusive financial advisor to Schurz Communications in connection with this transaction.



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