News. The New York-based New Media Investment Group Inc is acquiring the 68k-circulation Akron Beacon Journal and its ohio. com web site from Black Press. The $16m price is less than 10% of what the Canadian group paid for the 180-year-old daily newspaper back in 2006. In a separate transaction, New Media has also agreed to sell its Alaska newspapers to Black Press. New Media (and its immediate parent Gatehouse Media) has spent some $1bn in five years investing in local media, digital and marketing businesses. It currently publishes 144 daily newspapers and 333 weeklies with an aggregate circulation of almost 4m, and may now be the largest local media group in the US. It has, notably, grown EBITDA profit by an average of 20% over the five years since its financial reconstruction, and its revenue is now 56% digital. The scale of ambition, investment and apparent success makes New Media a role model for other markets with potentially under-valued newspapers. Is anyone in the UK watching?
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New Media buying Akron Beacon Journal for $16m
