New Media gets busy

Its first deal since being spun off from Newcastle Investment (NCT -2.7%) just days ago, New Media (NEWM -2%) acquires the Victorville (CA) Daily Press and related assets/publications from Freedom Communications for $8M. The publications have a circulation of about 50K, revenue of $12.5M, and operating margins before depreciation and amortization of just over 20%.

The purchase is expected to be immediately accretive.

It's a start. New Media manager Fortress Investment has identified about $1B in acquisition candidates.

Comments (1)
  • Michael Bryant
    , contributor
    Comments (7341) | Send Message
    I am excited to see how (NEWM) does. One side of me says it is in a dying industry: newspapers. But why I Buffett buying newspapers?
    3 Mar 2014, 12:07 PM Reply Like
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