Daily News, Post sold to GateHouse for $49.25M

Sale, ex­pected to be com­pleted by May, does not in­clude Dixie High­way real es­tate.

Palm Beach Daily News - - FRONT PAGE - By CHARLES ELMORE

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-

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