Shaw to Acquire Lakeland MediaBack to News

DIXON, IL, November 23, 2005 – Shaw Newspapers announced today that it has reached an agreement to purchase Lakeland Media, publisher of 12 weekly newspapers in Lake County, IL. The Lakeland publications will be part of the recently organized NorthWest News Group, a division of Shaw Newspapers. Terms of the transaction, slated to close on December 1, 2005, were not disclosed.

Dirks, Van Essen & Murray, a newspaper merger-and-acquisition firm based in Santa Fe, New Mexico, represented Lakeland Media in the transaction.

Lakeland Media was founded more than 40 years ago by Marshall R. Schroeder and his son, William. Robert Schroeder, the executive vice president of Lakeland Media and the grandson and son of the founders, will remain as general manager of the Lakeland publications under Shaw’s ownership.

"I am excited about Lakeland Media’s future," said Robert Schroeder. "Shaw Newspapers have a wonderful reputation producing award-winning publications. I am confident our readers and advertising customers will benefit from their strong, community-orientated approach. Lakeland Media is in good hands."

Shaw Newspapers, a privately owned company, publishes more than 25 daily and weekly newspapers across northern Illinois and into central Iowa. The company has been in the newspaper business since its founding by the Shaw family 154 years ago. It is the third oldest continuously owned and managed newspaper company in the country.

"This is a significant acquisition for our company," said Tom Shaw, president and CEO of Shaw Newspapers. “It makes perfect geographic sense for us, and we have been very successful with recent launches of weekly publications. We are proud to be continuing the Schroeder family’s tradition of publishing in Lake County."

In addition to the weekly newspapers, Lakeland publishes the Great Lakes Bulletin, which is distributed at the Great Lakes Naval Base; Market Journal, a total market coverage weekly; and an advertising monthly, Country Peddler.