Dirks, Van Essen & Murray, a merger and acquisition firm based in Santa Fe, New Mexico represented American Consolidated Media in the sale.
The ACM group includes small-market daily newspapers in central Texas anchored by the Brownwood Bulletin, Stephenville Empire Tribune and Waxahachie Daily Light. In addition, the group includes a newspaper cluster in northeastern Oklahoma centered on the Miami News Record. Finally, the acquisition brings New Media a large shopper group with distribution in excess of 225,000 households weekly serving communities in the Rio Grande Valley of south Texas.
"Today's announced acquisitions highlight our continued success at purchasing high-quality, local media assets that fit within our operating and financial metrics," said Michael E. Reed, president and chief executive officer of New Media.
The transaction represents the final divestiture for American Consolidated Media. Earlier this year the company sold its newspaper operations in Maryland, Ohio, Minnesota and Wisconsin to Adams Publishing Group.
New Media is one of the largest publishers of locally based print and online media in the United States as measured by the number of daily publications. The company now operates in 362 markets across 26 states.