NEW YORK – The Columbus Dispatch has been acquired by New Media Investment Group Inc. for $47 million, New Media announced this week.
New Media, whose subsidiary Gatehouse Media owns The Providence Journal, previously announced its plans to acquire the publishing operations and assets of The Columbus Dispatch.
New Media said it funded the acquisition with a combination of cash on the balance sheet and $25 million on the company’s existing term loan.
First published in 1871, The Columbus Dispatch, the paper serves central Ohio; it has a daily and Sunday circulation of approximately 130,000 and 235,000, respectively.
“We are very excited about the acquisition of The Columbus Dispatch and the upside potential that exists for our shareholders,” Michael E. Reed, New Media’s president and CEO, said in a statement. “To date we have completed nearly $590 million in acquisitions, and have ample liquidity to continue to execute on strategic transactions.”
“Looking ahead, we feel good about our overall business prospects and are very pleased with the tremendous growth we have created in free cash flow per share, which has resulted in a 22 percent increase in our dividend this year. We expect New Media will continue to be able to grow free cash flow per share throughout 2015 and beyond, and we see a tremendous opportunity to create value for our shareholders,” Reed said.
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