$120 Million New Media Investment Group Stock Offering
November 23, 2016
Cleary Gottlieb represented New Media Investment Group Inc. in its approximately $120 million follow-on offering of 7.5 million shares of common stock.
The follow-on offering was conducted as a block trade. The offering priced on November 18, 2016, at $16 per share and closed on November 23, 2016. New Media is focused primarily on investing in a high-quality, diversified portfolio of local media assets, and on growing existing advertising and digital marketing businesses. It is one of the largest publishers of locally based print and online media in the United States as measured by number of daily publications. It operates in 525 markets across 36 states, and its portfolio of products includes 600 community publications, 525 related websites and 121 daily newspapers, which serve more than 200,000 business advertising accounts and reach over 20 million people on a weekly basis.