News Corp. said Tuesday it has sold the Dow Jones Local Media Group to Fortress Investment Group. Financial terms weren’t announced. Dow Jones Local Media Group operated 33 publications, incuding 8 daily and 15 weekly newspapers. GateHouse Media, a Fortress portfolio company, will manage Dow Jones Local Media Group operations. Waller Capital Partners advised Dow Jones on the sale.
NEW YORK, Sep 03, 2013 (BUSINESS WIRE) — News Corp NWS +1.01% NWSA -0.06% (temp. asx tickers:NNC)(temp. asx tickers:NNCLV) announced today that it has sold the Dow Jones Local Media Group, which operates 33 publications, including 8 daily and 15 weekly newspapers, to an affiliate of Fortress Investment Group LLC.
The Dow Jones Local Media Group daily newspaper franchises include the Times Herald-Record (Middletown, N.Y.); Cape Cod Times (Hyannis, Mass.); The Record (Stockton, Calif.); The Standard-Times (New Bedford, Mass.); The Pocono Record (Stroudsburg, Penn.); The Herald (Portsmouth, N.H.); The Mail Tribune (Medford, Ore.), and The Daily Tidings (Ashland, Ore.). In addition to daily and weekly newspapers, the Dow Jones Local Media Group operates other print and online community media, including web sites, magazines as well as news and advertising niche publications.
“These newspapers share a strong tradition of service in their communities and a highly talented staff,” said Robert Thomson, Chief Executive of News Corp. “We are confident that the papers will prosper under the new owners, but they were not strategically consistent with the emerging portfolio of the new News.”
The Dow Jones Local Media Group operations will be managed by GateHouse Media, 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.
Waller Capital Partners, a leading independent investment bank focused on the telecommunications, media and technology sectors, advised Dow Jones on the sale of the Local Media Group.
Financial terms were not disclosed.
About Dow Jones
Dow Jones & Company is a global provider of news and business information, delivering content to consumers and organizations via newspapers, Web sites, apps, video, newsletters, magazines, proprietary databases, conferences, and radio. Dow Jones has produced unrivalled quality content for over 100 years and today has one of the world’s largest news-gathering operations with 2,000 journalists in more than 50 countries, including The Wall Street Journal, America’s largest newspaper by total average circulation. Other premier brands include Dow Jones Newswires, DJX, Factiva, Barron’s, MarketWatch and All Things Digital. Its information services publish in 13 languages and distribute content in 28 languages, combining technology with news and data to support business decision-making. The company pioneered the first successful paid online news site and its industry leading innovation enables it to serve customers wherever they may be, via the Web, mobile devices, Internet-connected televisions, and tablets.
About News Corp
News Corp NWS +1.01% NWSA -0.06% (temporary asx tickers:NNC)(temporary asx tickers:NNCLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content to consumers throughout the world. The company comprises leading businesses across a range of media, including: news and information services, sports programming in Australia, digital real estate services, book publishing, digital education, and pay-TV distribution in Australia. Headquartered in New York, the activities of News Corp are conducted primarily in the United States, Australia, and the United Kingdom. More information: www.newscorp.com.
SOURCE: News Corp