For those following what is going on at the Providence Journal, this is from todays Boston Business Journal: The GateHouse Media team just bought the biggest newspaper in its portfolio — The Providence Journal — in a $46 million deal earlier this month. But the execs at the recently created New Media Investment Group won’t be stopping there. New Media, publicly traded since February, unveiled plans today to sell 6.5 million shares in the company on top of the roughly 30 million shares that are already circulating. New Media is expecting that the net proceeds from the sale will be about $107 million, based on New Media’s most recent closing price of about $17 a share — or $124 million if the sale’s underwriters exercise their option to buy another 1 million shares. One of the main motivations for the stock sale: to do more deals. In a way, New Media’s growth plans are even more ambitious than they were back in the 2006-2008 time frame. That was when GateHouse was buying newspaper companies at a steady clip, ultimately ending up with a mountain of debt that exceeded $1 billion.
Posted on: Thu, 18 Sep 2014 15:59:32 +0000
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