New Media posts $2.6M profit in Q2, 78% drop over the year, and pays $23M in dividends

NEW MEDIA INVESTMENT GROUP, owner of The Providence Journal, among other local papers, reported a profit of $2.6 million in the second quarter of 2019. / PBN FILE PHOTO/PAM BHATIA
NEW MEDIA INVESTMENT GROUP, owner of The Providence Journal, among other local papers, reported a profit of $2.6 million in the second quarter of 2019. / PBN FILE PHOTO/PAM BHATIA
PROVIDENCE – The same day that it announced its purchase of Gannett Co., New Media Investment Group Inc. reported a second-quarter profit of $2.6 million Monday’s earnings report showed a 77.7% decline from one year prior, when the company posted a profit of $11.7 million, or 20 cents per diluted share. New Media owns and…

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