New Media in Acquisition of The Providence Journal

Cleary Gottlieb is representing New Media, which is managed by the Fortress Investment Group, in its acquisition of The Providence Journal and related print and digital assets for $46 million in cash, subject to adjustments, from A. H. Belo Corporation. The transaction was announced on July 22, 2014, and is expected to close in the third quarter of 2014.

The Providence Journal is one of the oldest print publications in the United States and was first published in 1829. It has a daily circulation of approximately 72,000 and 96,000 on Sunday.

New Media is one of the largest publishers of locally based print and online media in the United States. Including the announced acquisition, New Media’s portfolio of products will serve more than 130,000 business advertising accounts and will reach over 12 million people on a weekly basis.

Cleary Gottlieb previously represented Newcastle Investment, a REIT managed by Fortress Investment Group, in its spin-off of New Media and its earlier acquisition of Dow Jones Local Media Group from News Corp.