New Media’s $111 Million Common Stock Offering
April 13, 2018
Cleary Gottlieb represented New Media Investment Group Inc. (New Media) in its approximately $111 million follow-on primary offering of 6.9 million shares of common stock.
The follow-on offering was conducted as a variable price block trade. The offering priced on April 5, 2018, at $16.10 per share to the underwriters, and closed on April 10, 2018. In addition, the underwriters exercised in full their over-allotment option to purchase 900,000 additional shares on April 13, 2018.
New Media is a company that owns, operates, and invests in high-quality local media assets, with a particular focus in small to mid-size markets. New Media is one of the largest publishers of locally based print and online media in the United States as measured by number of daily publications. New Media operates in 569 markets and 38 states and its portfolio of products includes 678 community print publications, 569 websites and two yellow page directories, which serves more than 215,000 business customers and reaches over 22 million people on a weekly basis.