Mead family exits the newspaper business, sells Erie Times-News to New Media Investment Group
The Times Publishing Company has been owned in part or in total by members of the Mead family since it was founded 127 years ago
Last week New Media Investment Group announced that it had sold the ownership of the Las Vegas Review-Journal to a newly formed, but mysterious company called News + Media Capital Group, LLC. It is still a mystery who really is behind that company, but New Media also said it had acquired the business publications from The Dolan Company, as well as one other, unnamed daily newspaper.
Today we found out the name of that paper: the Erie Times-News.
New Media’s strategy is to pick up as many newspapers it can, as quickly as it can – family owned properties can be particularly attractive. We’ve seen this before, call it the Dean Singleton strategy. Is this the same, or is this just a roll-up strategy, followed by another Chapter 11 filing? I’m sure they would deny this, but New Media sure is rolling up the properties.
Here the announcement for the latest:
ERIE, Pa. – December 14, 2015 — The Times Publishing Company has entered into an agreement to sell the Erie Times-News and GoErie.com to an entity controlled by New Media Investment Group Inc. The transaction is subject to approval by the shareholders of Times Publishing Company, among other conditions.
New Media expects to close the sale early in 2016.
Terms of the deal were not immediately disclosed.
New Media is the New York-based holding company of GateHouse Media, LLC, which controls 575 community publications across 32 states.
The Times Publishing Company has been owned in part or in total by members of the Mead family since it was founded 127 years ago.
“The Meads have been good stewards of this community institution,” said Ken Nelson, publisher of the Erie Times-News. “But the industry, and this newspaper, have evolved to the point where family-owned, independent newspapers face too many hurdles to survive long term without help.”
New Media offers new resources and economies of scale that will allow the institution to endure, Nelson said.
“Though the Mead family is leaving the newspaper business, the business will remain,” Nelson said. “We will continue to be the region’s dominant source for news for years to come.”