Press release dated today:
"Fairport, New York. October 23, 2007 - GateHouse Media, Inc. (NYSE: GHS) announced today that it has signed a definitive asset purchase agreement to acquire several daily and non-daily publications from Morris Publishing Group for a purchase price of $115 million. The transaction is expected to close before the end of November and is subject to regulatory approval and customary closing conditions. The publications to be acquired are located in South Dakota, Florida, Kansas, Michigan, Missouri, Nebraska, Oklahoma and Tennessee."
“This is an excellent acquisition opportunity for GateHouse,” said Mike Reed, Chief Executive Officer of GateHouse. “These are strong local media franchises in small markets, many of which are near existing GateHouse properties and offer compelling synergy opportunities. We are also enthusiastic about the acquisition from a financial standpoint as we expect these assets to generate an incremental $14 million of Adjusted EBITDA.”
Can't comment except to say that GateHouse still believes in newspapers.
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Here's the link to the Morris release: http://www.morris.com/press/Oct.23.2007.shtml.
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ReplyDeleteThat's interesting news Melinda in the depressing context of US newspapers. GateHouse believes in local presence. But aren't you disapointed, on the Internet side, by the lack of interest from local advertisers in spending on the internet ? out of the classifieds of course.
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