GateHouse Media parent announces $46M cash deal to buy Providence Journal from AH Belo Corp.
The parent company of Gatehouse Media has announced an agreement to buy The Providence Journal and related print and digital assets from A.H. Belo Corp. for $46 million in cash.
New York-based New Media Investment Group Inc. said Tuesday it expects to complete the deal for the Rhode Island newspaper in the third quarter.
New Media President Michael Reed says he's "excited to welcome the paper, its employees and the community into the growing New Media family."
A.H. Belo President Jim Moroney says he's confident New Media "will continue the great journalistic tradition" of the Journal, which it has owned for 17 years. Dallas-based Belo said in December it was for sale.
The sale announcement says the Journal was first published in 1829 and has a circulation of 72,000 daily and 96,000 on Sundays.