News Corp. is selling Dow Jones Local Media Group to an affiliate of Fortress Investment Group, and the newspapers will be managed by GateHouse Media. (Fortress is the majority owner of GateHouse.)
News Corp Sells Dow Jones Local Media Group
News Corp announced today that it has sold the Dow Jones Local Media Group, which operates 33 publications, including 8 daily and 15 weekly newspapers, to an affiliate of Fortress Investment Group LLC.
The Dow Jones Local Media Group daily newspaper franchises include the Times Herald-Record (Middletown, N.Y.); Cape Cod Times (Hyannis, Mass.); The Record (Stockton, Calif.); The Standard-Times (New Bedford, Mass.); The Pocono Record (Stroudsburg, Penn.); The Herald (Portsmouth, N.H.); The Mail Tribune (Medford, Ore.), and The Daily Tidings (Ashland, Ore.). In addition to daily and weekly newspapers, the Dow Jones Local Media Group operates other print and online community media, including web sites, magazines as well as news and advertising niche publications.
The Dow Jones Local Media Group operations will be managed by GateHouse Media, one of the largest publishers of locally based print and online media in the United States with a portfolio of products that includes over 400 community publications and approximately 350 related websites.
Waller Capital Partners, a leading independent investment bank focused on the telecommunications, media and technology sectors, advised Dow Jones on the sale of the Local Media Group.
Financial terms were not disclosed.
Here’s the memo sent to GateHouse employees:
TO: GateHouse Media Employees
FROM: Mike Reed, CEO
DATE: September 3, 2013
News Corp announced today that it has sold its Dow Jones Local Media Group. The purchase was made by an affiliate of Fortress Investment Group LLC. Fortress is also the majority owner of GateHouse Media and has engaged GateHouse Media to provide management services for the properties./CONTINUES Read More