81°F
weather icon Mostly Clear

Boulder City Review, parent Stephens Media to be sold to New Media Investments

NEW YORK – New Media Investment Group Inc. announced today that it has reached an agreement to purchase substantially all of the assets of Stephens Media, LLC for $102.5 million in cash, subject to working capital adjustments. New Media intends to fund the acquisition with cash on the balance sheet and available capacity under its credit facility.

Stephens Media is a leading newspaper publisher operating eight daily newspapers, over 65 weekly and niche publications, and more than 50 websites serving communities throughout the United States. The assets have a combined average daily circulation of approximately 221,000 and 244,000 on Sunday.

Michael E. Reed, New Media’s President and CEO commented, “We are pleased to announce the proposed transaction to acquire Stephens Media. The portfolio is anchored by an attractive set of print publications with a strong community focus, solid readership base and stable advertisers with limited customer concentration. These award-winning, daily newspapers are the trusted source of local news in their communities providing journalistic excellence for more than 100 years. We are very excited to welcome Stephens Media into our growing New Media family, and look forward to introducing new digital initiatives, such as Propel and BestRide into their markets, while simultaneously continuing their long-standing tradition of providing premier content to the communities they serve.

“In our first year as a publicly traded company, New Media has entered into agreements to acquire approximately $457 million of local media assets. We are very pleased that each of these acquisitions has met both our financial and operational criteria. As we begin 2015, we remain focused on operating the company to drive strong revenue trends while integrating newly acquired assets and assessing future acquisition opportunities. Looking forward, we feel very optimistic about our ability to continue to create tremendous shareholder value.”

“I am extremely pleased for all of our employees,” said Ed Moss, President and CEO of Stephens Media. “New Media is well positioned to build off of our company’s successes and lead the organization to new heights with their strong portfolio of print and digital products and services. We have dedicated and talented employees that will prove to be great assets to the outstanding organization that New Media is building.”

New Media anticipates the deal will close in the first quarter of 2015 subject to customary closing conditions; however, there can be no assurance as to the timing or the occurrence of the closing.

Stephens Inc. served as exclusive financial advisor to Stephens Media.

New Media Investment Group Inc. is focused primarily on investing in a high quality, diversified portfolio of local media assets, and on growing existing advertising and digital marketing businesses. The Company is one of the largest publishers of locally based print and online media in the United States as measured by the number of daily publications. As of September 28, 2014, the Company operates in over 370 markets across 27 states. New Media’s portfolio of products as of September 28, 2014 include 450 community publications, over 370 related websites, and six yellow page directories, serve more than 130,000 business advertising accounts and reach over 14 million people on a weekly basis.

THE LATEST
The Eagle has landed

City crews help align the eagle at the new welcome sign Monday morning. The $75,000 sign, which is funded by the city, will not only welcome those coming to town but also honors the Boulder City High School Eagles.

Tract 350 sale approved

Whether it will be enough to fund the projected $40 million-plus pool complex the city would like to build is still — given the realities of the current inflationary economic environment — an open question.

City’s pet licensing proposal still in limbo

As the proposal to allow for a license for pet breeding, as well as the keeping of more animals than the three currently allowed by city code that came within inches of becoming law in March of this year, appears to be in some kind of limbo. After it was tabled, and has not yet been rescheduled to come back before the city council, a related case recently came before the municipal court.

Students learn the fine art of guitar making

Jimi Hendrix, considered by many to be the greatest guitarist ever, once said of his craft, “Sometimes you want to give up the guitar, you’ll hate the guitar. But if you stick with it, you’ll be rewarded.”