New Media completes acquisition of the Business Information Division of Dolan LLC
This isn’t really big news, as the acquisition was announced a while ago, but the news that New Media Investment Group has acquired Dolan may have gotten lost in the news surrounding the sale of the Las Vegas Review-Journal and the controversy that followed.
Just who buys B2B media companies these days? In this case, a private equity company that has been snapping newspapers, New Media Investment Group. New Media, also known as GateHouse Media, has acquired this last year the Erie Times-News, The Columbus Dispatch and The Providence Journal, as well as the paper in Las Vegas (which it is still managing for Sheldon Adelson).
Dolan, which used to be known as The Dolan Company before its recent bankruptcy, publishes real estate and law journals, and was a fairly low-cost acquisition (costing the company $35M). New Media said it thought the acquisition would fit in well with its Propel Marketing business, which provides digital services to businesses.
If New Media wants to snap up any other B2B media properties they will be able to do that for a song in 2016.
Here is New Media Investment Group’s announcement about the completion of the Dolan deal:
NEW YORK, NY – January 4, 2015 — New Media Investment Group Inc. announced today that it has completed the previously announced acquisition of the Business Information Division of Dolan LLC for $35.0 million. The acquisition, which was completed on December 31, 2015, was funded with cash on the balance sheet.
Dolan, comprised of 39 print and online publications, is a leading provider of industry-specific news for the legal, financial, real estate, and government affairs sectors in the 17 markets it serves across the U.S. In addition to providing subscribers with content relevant to their daily professional activities, Dolan also develops, organizes, and produces events centered on awards and education seminars. Dolan’s audience of over 46,000 paid subscribers includes attorneys, judges, property owners, building contractors, and other business professionals.