New Media Investment Group Inc., one of the largest publishers of locally based print and online media in the United States as measured by number of publications, has agreed to acquire the newspapers and related assets of Schurz Communications, Inc. 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 an 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.
Michael E. Reed, New Media President and Chief Executive Officer, said, “We are excited to welcome the Schurz publications and their employees into New Media. 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.”
USA, New York, NY & Michawaka, IN
- New Media to acquire Stephens Media, LLC for $102.5 Million Posted on February 25, 2015
- New Media completes acquisition of Halifax Media Group Posted on January 12, 2015
- New Media completes acquisition of The Providence Journal Posted on September 3, 2014
- New Media Investment Group acquires The Providence Journal for $46M Posted on July 23, 2014
You must be logged in to post a comment.