New Media Investment Group to Acquire Columbia (MO) Daily Tribune
NEW YORK, NY - September 23, 2016 - New Media Investment Group Inc. (NYSE:NEWM) has entered into a definitive agreement to acquire the Columbia (MO) Daily Tribune.
The Daily Tribune has been owned by members of the Waters family for the past 111 years. The newspaper serves a large region in central Missouri with 15,000 daily and 17,000 Sunday circulation. Columbia is home to the University of Missouri with more than 30,000 students.
Dirks, Van Essen & Murray, a merger and acquisition firm based in Santa Fe, New Mexico, represented the Waters family in the sale. Terms of the transaction were not disclosed.
Andy Waters, who represents the fourth generation of the family, said, “The decision to sell our family’s publishing operation was extremely difficult. The fast changing dynamics of the newspaper industry seem to lend themselves to scale that larger newspaper companies can bring. The Tribune always has been known for its local journalism, and we believe the community will continue to be well-served by the new owners.”
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.