Stephens Media LLC Sold For $102.5 Million
by February 19, 2015 4:31 pm 593 views
New Media Investment Group Inc., in its first year as a publicly traded company, announced Thursday it has reached an agreement to purchase Stephens Media LLC of Arkansas for $102.5 million.
The deal is expected to close in the first quarter this year.
The New York-based company intends to fund the acquisition with cash on the balance sheet and available capacity under its credit facility, according to a news release issued late Thursday afternoon.
Stephens Media, formerly known as Donrey Media Group, is a newspaper publisher operating eight daily newspapers, over 65 weekly and niche publications, and more than 50 websites serving communities throughout the United States. The assets have a combined average daily circulation of approximately 221,000 and 244,000 on Sunday.
The company is based in Las Vegas and owned by members of Little Rock’s Stephens family.
Northwest Arkansas Newspapers LLC, which owns the newly formed Northwest Arkansas Democrat-Gazette, is jointly owned by WEHCO Media Inc., and Stephens Media.