Daily News, Post sold to GateHouse for $49.25M
Sale, expected to be completed by May, does not include Dixie Highway real estate.
One of the nation’s busiest acquirers of newspapers and online media has agreed to buy the Palm Beach Daily News and Palm Beach Post in a deal announced Wednesday at $49.25 million.
New York-based New Media Investment Group Inc. executives said more than a century as market news leaders and growing digital readership made the sister publications attractive additions to a GateHouse Media stable of more than 140 daily newspapers. That represents more than one in 10 in the country.
The papers and associated websites have been owned since 1969 by Atlanta-based Cox Enterprises. The sale is expected to be completed by May.
“We see Palm Beach as another attractive and growing market that fits in well with our current Florida footprint,” said Michael E. Reed, New Media’s president and CEO. He called the papers “the primary source of news in their respective communities for over 100 years” and said they have “created high digital engage-