NEW YORK – New Media Investment Group Inc., whose subsidiary Gatehouse Media owns The Providence Journal, recently completed the previously announced acquisition of substantially all of the assets of Stephens Media LLC for $102.5 million in cash, subject to working capital adjustments.
New Media funded the acquisition with cash on the balance sheet and available capacity under its credit facility, according to a news release.
Stephens Media, based in Las Vegas, operates eight daily newspapers, more than 65 weekly and niche publications, and more than 50 websites serving communities throughout the United States.
The assets have a combined average daily circulation of approximately 221,000 and 244,000 on Sunday.
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