GateHouse Media buys Morris publications for $115 million
By Erina Lin, Wednesday 24 October 2007 at 21:41 :: Media Ownership :: #748 :: rss
GateHouse Media Inc. said Tuesday it has agreed to buy several daily and non-daily publications from Morris Publishing Group for $115 million.
GateHouse Media said the acquisition is expected to generate “an incremental $14 million of adjusted earnings before interest, taxes, depreciation and amortization,” according to Finanz Nachrichten.
The publications acquired are located in South Dakota, Florida, Kansas, Michigan, Missouri, Nebraska, Oklahoma and Tennessee, the company said, according to Finanz Nachrichten.
The deal is expected to close before late November, and is subject to regulatory approval and closing conditions.
After this news was revealed, shares of GateHouse Media closed the regular session down 15 cents at $11.
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