New Media gets busy

|By:, SA News Editor

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.