With a windfall from its sale of the Las Vegas Review-Journal, other cash on hand and borrowing, New Media Investment Group could spend as much as $360 million on acquiring small newspapers by the end of the year.
CEO Michael Reed told analysts in a fourth-quarter earnings call that the company will only pay that much if deal terms are right. In two years, it has made 12 acquisitions for $640 million and now has 124 daily papers, the most owned by any chain.
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