New Media Investment Group — the parent company of GateHouse Media New England, which owns several Bay State regional daily newspapers — is continuing its spending spree, announcing it has reached an agreement to buy the company that owns the Las Vegas Review-Journal.
"Local is good because you are honing in on the neighborhoods, the local news, the things that interest people close to home and it's tougher for the giant organizations to muscle in that," Boston University advertising professor and media analyst Tobe Berkowitz said of New Media's latest multi-million-dollar acquisition. "The bad news for them is that you don't always have advertising revenue potential in the smaller areas."
New Media is buying all of Stephens Media LLC's assets for $102.5 million in cash, said Michael E. Reed, president of the New York-based investment group.
"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," Reed said in a statement.
Stephens Media operates eight daily newspapers in seven states, and more than 65 weekly and niche publications, with a combined average daily circulation of roughly 221,000.
Last November, New Media bought the Worcester Telegram & Gazette and dozens of other Halifax Media Group papers for $280 million. GateHouse last year also bought the Providence Journal, the New Bedford Standard-Times and the Cape Cod Times.
Herald wire services contributed to this report.
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