ERIE, Pa. — The Times Publishing Company has entered into an agreement to sell the Erie Times-News and GoErie.com to an entity controlled by New Media Investment Group Inc. The transaction is subject to approval by the shareholders of Times Publishing Company, among other conditions.
New Media expects to close the sale early in 2016.
Terms of the deal were not immediately disclosed.
New Media is the New York-based holding company of GateHouse Media, LLC, which controls 575 community publications across 32 states.
The Times Publishing Company has been owned in part or in total by members of the Mead family since it was founded 127 years ago.
“The Meads have been good stewards of this community institution,” said Ken Nelson, publisher of the Erie Times-News. “But the industry, and this newspaper, have evolved to the point where family-owned, independent newspapers face too many hurdles to survive long term without help.”
New Media offers new resources and economies of scale that will allow the institution to endure, Nelson said.
“Though the Mead family is leaving the newspaper business, the business will remain,” Nelson said. “We will continue to be the region’s dominant source for news for years to come.”