Market Overview

Newcastle Closes Purchase of DJ Local Media Group, Will Restructure Gatehouse Debt

Share:

Newcastle Investment Corp. (NYSE: NCT)(“Newcastle” or the “Company”) announced today that it has acquired Dow Jones Local Media Group (“Local Media Group”) from News Corp for $87 million. The Company made a total equity investment of $54 million, including transaction expenses, and financed the remainder of the purchase price with $33 million of debt.

Local Media Group operates 33 local publications, including 8 daily and 15 weekly newspapers, in 7 states. Many of these publications have been providing vital local content to their communities for over 75 years.

The Local Media Group operations will be managed by GateHouse Media, Inc. (“GateHouse”), one of the largest publishers of locally based print and online media in the United States with a portfolio of products that includes over 400 community publications and approximately 350 related websites. GateHouse is an affiliate of Fortress Investment Group, Newcastle's manager.

Posted-In: M&A News

 

Related Articles (NCT)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Stocks Hitting 52-Week Highs

Stocks Hitting 52-Week Lows