New Media Investment Group Inc. invests in old media, buys the Victorville Daily Press from Freedom Communications
Freedom Communications, which recently acquired the Riverside Press-Enterprise, has sold off the Victorville Daily Press to New Media Investment Group. Victorville is on the edge of the Mojave Desert, about 80 northeast of Los Angeles. The Daily Press has a circulation of around 50,000, and the paper has often served as a training ground for Freedom Communications managers.
“This is the first acquisition by New Media,” Mike Reed, CEO of New Media said. “The Victorville Daily Press and related publications meet the criteria we look for in an acquisition, including market size, a solid retail base, the opportunity to leverage New Media’s infrastructure to grow digital revenue and our financial criteria. With revenue of about $12.5 million and operating margins before depreciation and amortization of slightly more than 20%, we expect the transaction to be immediately accretive to our results.”
New Media operates local media properties in 24 states