GateHouse Media buys Palm Beach Post for $49.3 million

GateHouse Media has bought The Palm Beach Post and Palm Beach Daily News for $49.3 million.

The Palm Beach Post reports that New York-based New Media Investment Group Inc. announced the deal Wednesday. The papers have been owned since 1969 by Atlanta-based Cox Enterprises. The sale is expected to be completed by May.

Company executives told employees Wednesday in West Palm Beach that all will initially be retained at current pay. They wouldn't address future staff levels.

The Palm Beach Post has daily print and paid digital circulation of nearly 80,000 and 102,000 on Sundays. The Palm Beach Daily News has a daily circulation of more than 4,500. It's printed daily from October to May and twice weekly during the summer.

GateHouse Media owns more than 140 daily newspapers, with 11 in Florida.

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Information from: The Palm Beach (Fla.) Post, http://www.pbpost.com