GateHouse Media to acquire The Palm Beach Post, Palm Beach Daily News
GateHouse Media, one of the largest publishers of locally based print and online media in the United States as measured by number of publications, recently announced that it has agreed to acquire The Palm Beach Post and the Palm Beach Daily News, in addition to several niche publications and companion websites, from Cox Media Group LLC for $49.25 million.
The Palm Beach Post has been the leading source of local news and advertising in Palm Beach County and southern Martin County for more than 100 years. As the flagship daily newspaper, it has a daily circulation of nearly 80,000 and 102,000 on Sundays. Its sister publication, the Palm Beach Daily News, also known as The Shiny Sheet, has been published for 120 years, having been founded to serve the titans of the Gilded Age, who made Palm Beach the nation's premier winter-resort destination. The Shiny Sheet is printed daily from October to May and twice weekly during the summer with daily circulation of more than 4,500. Both print publications maintain websites as well as e-editions and news apps for their readers. Across these mediums, more than 44 percent of adults in the market are reached.
"We are pleased to announce our second acquisition from the Cox Media Group which includes their two strong publications that serve Palm Beach and its surrounding area," said Michael E. Reed, New Media Investment Group president and chief executive officer. "We see Palm Beach as another attractive and growing market that fits in well with our current Florida footprint. These papers have been the primary source of news in their respective communities for over 100 years and have created high digital engagement that we are excited to work to build upon with our UpCurve product offerings. We are looking forward to welcoming the Palm Beach employees to the New Media team and look forward to carrying on their legacy of strong local journalism."
Publisher Tim Burke called it "very important for us to find a buyer that would build on our longstanding commitment to investigative journalism, our community and our advertisers." He characterized GateHouse as "committed to continuing this tradition" while investing in digital products and innovation.
The transaction is expected close in the second quarter.
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