Newcastle Announces Spin-Off of Media Assets Into New Publicly-Traded Co.
Newcastle Investment Corp. (“Newcastle”, the “Company”) (NYSE: NCT) has
announced that its Board of Directors has unanimously approved a plan to
spin off its media assets, which include an interest in GateHouse Media,
Inc. (“GateHouse”) and 100% ownership of Local Media Group, Inc.
Newcastle intends to effect the spin-off in early 2014 by distributing
shares of its subsidiary New Media Investment Group Inc. (“New Media”).
New Media will be a publicly traded company primarily focused on
investing in a high quality, diversified portfolio of local media assets
and on growing its online advertising and digital marketing businesses.
On September 27, 2013, GateHouse commenced voluntary chapter 11
proceedings under the United States Bankruptcy Code in the United States