New Media announces agreement to acquire Austin American-Statesman for $47.5 million

New Media Investment Group Inc., one of the largest publishers of locally based print and online media in the United States as measured by number of publications, announced today that it has agreed to acquire the Austin American-Statesman and its niche publications and companion websites from Cox Media Group, LLC, for $47.5 million.

The Austin American-Statesman has been a trusted, award-winning media presence in Central Texas for more than 140 years. The newspaper has daily circulation of 85,000 and its companion websites average more than 13 million page views per month. It also publishes Austin360, the city’s premiere entertainment source, as well as several weekly niche community publications. Austin is a very attractive market, named the 2017 Best Place to Live in America by U.S. News and World Report, and is home to many major corporations such as Whole Foods, Dell and IBM. In addition, Austin has a thriving technology community. It is also home to several large community institutions, such as the University of Texas, South by Southwest, Austin City Limits, and, as the state capitol, hosts the Texas state legislature.

“New Media is very excited to add the Austin American-Statesman and its associated publications to our portfolio of local media assets,” said Michael E. Reed, New Media President and Chief Executive Officer. “In addition to being known for its strong and trusted journalism and having high digital engagement, the city of Austin is a very attractive market for our growing business offerings such as UpCurve and GateHouse Live. We look forward to working with Austin employees to further build upon their partnerships and carry on the strong local journalism they do in Austin.”

The transaction will be funded with cash on the balance sheet and will be immediately accretive to free cash flow. New Media expects the transaction to close early in the second quarter.

About New Media Investment Group Inc.

New Media supports small to mid-size communities by providing locally-focused print and digital content to its consumers and premier marketing and technology solutions to its small and medium business partners. The Company is one of the largest publishers of locally based print and online media in the United States as measured by our 142 daily publications. As of December 31, 2017, New Media operates in over 565 markets across 38 states reaching over 22 million people on a weekly basis and serves approximately 215,000 business customers.

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