Owner of 33 papers in state to be sold

Tokyo- based SoftBank Group Corp. has agreed to pay $ 3.3 billion in cash to acquire Fortress Investment Group of New York, an owner of more than 120 newspapers nationwide, including 33 in Arkansas.

Gatehouse Media, which Fortress acquired in 2005, owns daily newspapers in Pine Bluff, Fort Smith, Arkadelphia, Stuttgart and Hope; paid weeklies in 17 communities in the state; and free weeklies in 11 communities.

Fortress is a diversified global investment company with $ 70 billion in assets under management and 1,100 employees. It manages assets for 1,750 institutional clients and private investors worldwide.

SoftBank’s purchase is subject to approval by regulators and Fortress shareholders. The deal is expected to close by June this year.