New Media Investment Group to acquire Austin American-Statesman
New Media Investment Group Inc., one of the largest publishers of locally based print and online media in the United States as measured by number of publications, announced today that it has agreed to acquire the Austin American-Statesman and its niche publications and companion websites from Cox Media Group, LLC for $47.5 million.
Dirks, Van Essen & Murray, a media merger and acquisition firm based in Santa Fe, N.M., represented Cox Media Group in the transaction. The sale does not include the nearly 19 acres on Lady Bird Lake that is home to the Statesman's offices.
The Austin American-Statesman has been a trusted, award-winning media presence in Central Texas for more than 140 years. The newspaper has daily circulation of 85,000 and its companion websites average more than 13 million page views per month. The Statesman has been named Texas Newspaper of the Year three of the past four years by the Texas Associated Press Managing Editors. It also publishes Austin360, the city's premiere entertainment source, the Spanish-language weekly newspaper Ahora Si, and the Austin Community Newspapers group, which includes the Bastrop Advertiser, Lake Travis View, Pflugerville Pflag, Round Rock Leader, Smithville Times and the Westlake Picayune.
Austin was named the 2017 Best Place to Live in America by U.S. News and World Report, and is home to many major corporations such as Whole Foods, Dell and IBM. In addition, Austin has a thriving technology community. It is also home to several large community institutions, such as the University of Texas, South by Southwest, Austin City Limits, and, as the state capitol, hosts the Texas state legislature.
"New Media is very excited to add the Austin American-Statesman and its associated publications to our portfolio of local media assets," Michael E. Reed, New Media president and CEO, said in a written statement. "In addition to being known for its strong and trusted journalism and having high digital engagement, the city of Austin is a very attractive market for our growing business offerings. We look forward to working with Austin employees to further build upon their partnerships and carry on the strong local journalism they do in Austin."
New Media is one of the largest publishers of locally based print and online media in the United States, publishing 142 daily publications and hundreds of community publications. According to the company, as of Dec. 31, 2017, New Media operates in over 565 markets across 38 states reaching over 22 million people on a weekly basis and serves approximately 215,000 business customers.