GATEHOUSE

Palm Beach Daily News - - TODAY -

ment that we are ex­cited to work to build upon.”

The pub­licly traded New Me­dia In­vest­ment Group has been on a buy­ing spree in an in­dus­try grap­pling with change and con­sol­i­da­tion. Ear­lier this month, the com­pany an­nounced it had agreed to pur­chase an­other Cox prop­erty, the Austin Amer­i­can-Statesman news­pa­per and re­lated pub­li­ca­tions in Texas, for $47.5 mil­lion.

“We are so grate­ful to the tal­ented team in Palm Beach for their re­lent­less ex­e­cu­tion of qual­ity jour­nal­ism and ser­vice to the com­mu­nity,” said Kim Guthrie, pres­i­dent of Cox Me­dia Group. “When se­lect­ing a buyer for both papers, we sought a com­pany that would build on their role as trusted lo­cal brands.”

Cox an­nounced its Palm Beach and Austin papers were for sale last fall. Pri­vately held Cox will con­tinue to op­er­ate news­pa­per busi­nesses in At­lanta and Ohio, mar­kets where it also owns ra­dio and TV sta­tions.

With the pur­chase, GateHouse ex­tends a grow­ing Florida pres­ence that will reach for the first time into the state’s south­east­ern cor­ri­dor. The com­pany owns 20 other Florida news­pa­pers, with 11 dailies in cities in­clud­ing Sara­sota, Jack­sonville, St. Au­gus­tine, Day­tona Beach, Gainesville and Lake­land.

As the mar­ket’s flag­ship daily news­pa­per, the Palm Beach Post has daily print and paid dig­i­tal cir­cu­la­tion of nearly 80,000, and 102,000 on Sundays, ac­cord­ing to the com­pany.

The Palm Beach Daily News has been pub­lished for 120 years. The Shiny Sheet has a daily cir­cu­la­tion of more than 4,500 and is printed daily from Oc­to­ber to May and twice weekly dur­ing the sum­mer. Print and on­line ver­sions of the pub­li­ca­tions reach more than 44 per­cent of adults in the mar­ket, of­fi­cials said.

Cox will re­tain own­er­ship of the Palm Beach Post building at Dixie High­way and Belvedere Road in West Palm Beach. The seven-acre par­cel has a mar­ket value of $15.4 mil­lion, ac­cord­ing to the Palm Beach County Prop­erty Ap­praiser’s Of­fice.

At the start of 2018, New Me­dia In­vest­ment op­er­ated in more than 565 mar­kets across 38 states. The com­pany says it “sup­ports small to mid­size com­mu­ni­ties by pro­vid­ing lo­cally-fo­cused print and dig­i­tal con­tent to its con­sumers” as well as mar­ket­ing and tech­nol­ogy ser­vices for small and medium-sized busi­nesses. Ex­ec­u­tives fig­ure they reach more than 22 mil­lion peo­ple a week and serve ap­prox­i­mately 215,000 busi­ness cus­tomers.

Some 85 per­cent of its daily news­pa­pers have been pub­lished for more than 100 years, New Me­dia In­vest­ment Group’s web­site notes.

New Me­dia In­vest­ment Group says it is ex­ter­nally man­aged and ad­vised by an af­fil­i­ate of Fortress In­vest­ment Group LLC, a global in­vest­ment man­age­ment firm. Be­fore Wed­nes­day’s an­nounce­ment, com­pany of­fi­cials said they had spent more than $891 mil­lion on ac­qui­si­tions in re­cent years.

“We are look­ing for­ward to wel­com­ing the Palm Beach em­ploy­ees to the New Me­dia team and look for­ward to car­ry­ing on their legacy of strong lo­cal jour­nal­ism,” Reed said.

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