New Media Completes Acquisition of Journal Multimedia for $18.0 Million
New York, NY - May 2, 2016 - New Media Investment Group Inc. (NYSE:NEWM) has acquired Journal Multimedia for $18.0 million.
Dirks, Van Essen & Murray, a merger and acquisition firm based in Santa Fe, New Mexico, represented Journal Multimedia in the sale.
Headquartered in Harrisburg, Pennsylvania, Journal Multimedia Inc. is a multi-title publishing, events, media and data company that has achieved an impressive track record over the last three decades by developing efficient, profitable and easily replicable models for the generation of revenue across media platforms.
Journal Multimedia develops unique audiences and connects advertisers to these audiences with award-winning business and consumer publications, websites and events. It delivers additional value through business research, media placement and creative services, such as video production and website development.
Founded in 1984 with a single monthly publication focused on business in Central Pennsylvania, the company grew steadily during the next three decades. Today the diversified company serves clients all over the world with industry-leading services and authoritative information.
Journal Multimedia's Best Companies Group utilizes workplace data to produce Best Places to Work, Best Companies and Best Employers programs in nearly 60 markets around the world. The company's print products include the Central Penn Business Journal, Central Penn Parent, Lehigh Valley Business, NJBIZ and Pet Age magazine.
About New Media Investment Group Inc.
New Media is focused primarily on investing in a high quality, diversified portfolio of local media assets, and on growing existing advertising and digital marketing businesses. The company is one of the largest publishers of locally based print and online media in the United States as measured by its 125 daily publications. Operating in more than 520 markets across 35 states, New Media's portfolio of products includes more than 620 business and community publications and more than 520 websites, serves more than 195,000 business advertising accounts, and reaches 20 million people on a weekly basis.