New Media Investment Group Inc., the acquisitive parent of GateHouse Media Inc., has agreed to purchase The Palm Beach (Fla.) Post and its sister publication Palm Beach Daily News from Cox Media Group LLC for $49.25 million.
The Palm Beach Post has daily print and paid digital circulation of about 80,000 and 102,000 on Sundays. The Palm Beach Daily News, also known as The Shiny Sheet, has a daily circulation of about 4,500 and is printed daily from October to May and twice weekly during the summer.
With the purchase, GateHouse extends a growing Florida presence that will reach for the first time into the state’s southeastern corridor. The company owns 20 other Florida newspapers, with 11 dailies in cities including Sarasota, Jacksonville, St. Augustine, Daytona Beach, Gainesville and Lakeland.
“We see Palm Beach as another attractive and growing market that fits in well with our current Florida footprint,” said Michael E. Reed, New Media’s president and CEO.
“We are so grateful to the talented team in Palm Beach for their relentless execution of quality journalism and service to the community,” said Kim Guthrie, president of Cox Media Group. “When selecting a buyer for both papers, we sought a company that would build on their role as trusted local brands. We know The Post will make GateHouse proud.”
Dirks, Van Essen & Murray, a media merger and acquisition firm based in Santa Fe, N.M., represented Cox Media Group.