Cox Media Group Sells Austin American-Statesman

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COX MEDIA GROUP has found a buyer for the AUSTIN AMERICAN-STATESMAN, selling the daily and its seven community papers to NEW MEDIA INVESTMENT GROUP INC., parent of GATEHOUSE MEDIA, for $47.5 million.  COX announced its intention to shed the AUSTIN paper and the PALM BEACH POST and PALM BEACH DAILY NEWS last OCTOBER as it concentrates on markets where it owns print, radio, and TV properties together.  MEW MEDIA and GATEHOUSE own 142 daily publications, mostly in smaller markets but also including suburban weeklies and dailies near CHICAGO, BOSTON, and PHILADELPHIA and some larger papers like the FLORIDA TIMES-UNION, PROVIDENCE JOURNAL, DAYTONA BEACH NEWS-JOURNAL, SARASOTA HERALD-TRIBUNE, WORCESTER TELEGRAM AND GAZETTE, and PEORIA JOURNAL STAR.

“NEW MEDIA is very excited to add the AUSTIN AMERICAN-STATESMAN and its associated publications to our portfolio of local media assets,” said NEW MEDIA President/CEO MICHAEL E. REED.. “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 such as UPCURVE and GATEHOUSE LIVE. 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.”
 

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