In $47.5 million deal, GateHouse Media parent acquires Austin American-Statesman from Cox Media Group
New Media Investment Group Inc., the parent of GateHouse Media, bought the Austin (Texas) American-Statesman and its related print and digital properties from Cox Media Group LLC in a $47.5 million transaction.
Included in the sale were Austin360, a city entertainment site; the Spanish-language weekly newspaper Ahora Si, and the Austin Community Newspapers group, which includes the Bastrop Advertiser, Lake Travis View, Pflugerville Pflag, Round Rock Leader, Smithville Times and the Westlake Picayune. The sale does not include the nearly 19 acres on Lady Bird Lake that is home to the Statesman’s offices.
The Statesman has daily circulation of 85,000. Its companion websites average more than 13 million page views per month.
Dirks, Van Essen & Murray, a media merger and acquisition firm based in Santa Fe, New Mexico, represented Cox Media Group in the transaction.
“New Media is very excited to add the Austin American-Statesman and its associated publications to our portfolio of local media assets,” Michael E. Reed, New Media president and CEO, said in a statement. “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. 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.”
New Media is one of the largest publishers of locally based print and online media in the United States, publishing 142 daily publications and hundreds of community publications. According to the company, 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.