WPRI’s Parent Co. Buying Tribune, Projo’s Parent Co. Stock Plummets Along With Circulation
Monday, December 03, 2018
Big news hit this week among some of the largest media conglomerates in the United States.
The Providence Journal’s parent company New Media Media Investment Group which manages GateHouse Media, the Projo’s direct parent, saw its stock continue to plummet.
CNBC reported on Sunday that Nexstar Media Group reached an agreement to acquire to Tribune MediaCo for about $4.1 billion. Nexstar is the parent company of WPRI-12 in the Providence media market.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe deal, if approved by federal regulators, would make Nextar the largest regional U.S. TV station group in the United States. The deal takes shape just months after federal regulators shut down Sinclair Broadcast Group’s effort to purchase Tribune for $3.9 billion. Sinclair is the parent of WJAR-10 in the Providence market.
“Nexstar outbid private equity firm Apollo Global Management LLC with an all-cash offer that values Tribune at around $46.50 per share, three sources said. The agreement between Nexstar and Tribune Media could be announced by Monday, the sources added,” reports CNBC.
Projo Problems Grow
The Providence Journal’s paid circulation continues to crater.
According to the Alliance of Audited Media, the Providence Journal’s weekday print circulation has now fallen to less than 45,000 through the third quarter of 2018.
That may be just one of the major issues facing the newspaper.
Its parent company — GateHouse Media — is managed by New Media Investment Group (NEWM) and that company has seen a massive decline in its stock value. It closed Friday at $13.40 per share — a drop of more than 40 percent from its 52-week high of $19.10 per share.
New Media is controlled by Fortress Investment Group with is owned by Tokyo-based SoftBank.
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