GateHouse Completes $380 Million Purchase Of Copley Midwest Papers
Posted: 4/11/2007 | By: E&P Staff
Community newspaper publisher GateHouse Media Inc. said Wednesday it had completed its acquisition of nine Copley Press Inc. papers for a net purchase price of approximately $380 million.
With the purchase of the seven dailies, including the Peoria (Ill.) Journal Star; The State Journal-Register in Springfield, Ill.; and The Repository in Canton, Ohio, GateHouse now publishes 84 dailies in 19 states. The former Copley dailies have a combined circulation of 241,060. The deal includes two weekly newspapers with a combined circulation of 34,918.
?These newspapers fit extremely well within the GateHouse platform of strong local media businesses,? GateHouse CEO Mike Reed said. ?We are excited to continue to execute on a major component of our strategy which is to accretively deploy capital through local media business acquisitions."
Just before the close of trading, GateHouse (GHS:NYSE) shares were $20.32, up $0.01.