NORTHBROOK, IL, MAY 8, 2006 - Mike Reed, Chief Executive Officer of GateHouse Media Inc., formerly operating as Liberty Group Publishing of Northbrook, IL, announced on Saturday an agreement for GateHouse to acquire Quincy, MA -based Enterprise News Media LLC, from private equity firm Heritage Partners. Details of the transaction were not disclosed.
Dirks, Van Essen & Murray, a newspaper merger-and-acquisition firm based in Santa Fe, New Mexico, represented the Enterprise NewsMedia in the transaction.
The properties include the 55,000-circulation daily Quincy (MA) Patriot Ledger, 33,000-circulation Brockton (MA) Enterprise, as well as 11 non-dailies in the South Boston market area with combined paid circulation of 27,500 and controlled circulation of approximately 45,000.
Mike Reed, the CEO of GateHouse since January, said “The entire business model of Enterprise NewsMedia is exactly the same as GateHouse, " Reed said, "and that is to be the premier provider of local news and information.”
GateHouse is a leading U.S. publisher of local newspapers and related publications that are the dominant source of local news and print advertising in their markets. GateHouse, which is owned by New York-based private equity firm Fortress Investment Group, owns and operates 274 publications located in 15 states that reach approximately 2.1 million people on a weekly basis. The majority of the company's paid daily newspapers have been published for more than 100 years and are typically the only paid daily newspapers of general circulation in their respective non-metropolitan markets.
In a separate transaction, GateHouse also announced a deal with Herald Media Inc. to acquire its subsidiary, CP Media Inc. CP Media is known as Community Newspaper Co. and publishes weekly newspapers with approximately 900,000 weekly distribution and four dailies with nearly 45,000 circulation.
Enterprise NewsMedia Holdings LLC and Community Newspaper Co. both operate in and around the greater Boston, MA market.