Sherman family announces sale of The Newport Daily News
Albert K. Sherman, Jr. has announced that his family has entered into a definitive agreement to sell substantially all of the assets of the Edward A. Sherman Publishing Company, which publishes the Newport (R.I.) Daily News and other publications.
Dirks, Van Essen & Murray, a media merger and acquisition firm based in Santa Fe, N.M., represented Sherman Publishing Company in the transaction.
Sherman Publishing Company publishes the 171-year-old Newport Daily News as well as two weekly newspapers – The Independent and the Mercury – and several magazines. The Newport Daily News was founded in 1846 and acquired by Edward A. Sherman in 1918. The Sherman family has continued to own the company.
Albert K. "Buck" Sherman, Jr., the retired publisher, said, "The Daily News has been a family calling for four generations, but the time has come for a change. New Media and its affiliates have resources that will help our papers and staff transition into the future, and I am sure they will be good stewards of all we have built here."
Kirk Davis, chief executive officer of GateHouse Media, a subsidiary of New Media Investment Group Inc., said: "I have a deep respect for the Sherman family and all they have done to serve the communities in Newport and South County with their newspapers and magazines. They have been gracious throughout the sale process and we will do our absolute best to uphold all they have accomplished."
"One of the most attractive elements of this acquisition for us lies in the diversified revenue streams the company has undertaken," Davis continued. "The events they conduct are a great fit for the Newport market, and the weekly newspapers and monthly magazines offer a great addition to the daily paper. As we look forward, the most important thing for us will be to maintain the strong journalism produced here on the island and across the Bay. The business model, so to speak, flows out of having engaged, informed readers who value the newspaper and digital offerings."