WPRI’s Parent Co. Buying Tribune, Projo’s Parent Co. Stock Plummets Along With Circulation
Monday, December 03, 2018
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.
The 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.
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.
- Whitcomb Talks ProJo Staff Exodus and Tourism Re-Do on GoLocal LIVE
- Projo’s Bogdan Leaves Paper for Raimondo’s Office - Second Reporter in Two Weeks to Quit
- Less than Half of Projo’s Articles Written By Newspaper’s Reporters
- NEW: WPRI Called Wrong Winner in Cumberland Democratic Mayoral Primary
- WPRI Reporter Calls Out Providence Journal for Plagiarism - 2nd Time in 10 Days
- Projo Patinkin’s Social Media Criticized As “Demeaning” By Leading RI Women
- Projo Issues Apology After GoLocal Story Exposes Sexist Social Media Posts By Patinkin
- Acquisition of WPRI-12’s Parent Co. Has New Twists & More Media News
- The Takeover of WPRI’s Parent Company is Approved by Feds and Shifting Political Spending
- Top Democratic Leaders Have Paid WPRI Pollster More than $153,000
- WPRO and WPRI’s Dr. Tad Forced to Surrender Medical License by RI Dept. of Health
- Projo Reporter Was Covering Senate While Interviewing for $121K Senate Job
- Union Raises Questions About Projo Outsourcing to Hummel Report - Non-Profit with Conservative Ties
- ProJo Spouts More Hot Air, Guest MINDSETTER™ Seth Handy
- Projo Reporter Tells Boston Globe “We Get Our Ass Beat All the Time” on Stories
- This Year’s Projo Guild Follies Will Be Last - End of RI Tradition
- Rickman’s The Big View: Projo, Patinkin, and Sexist Social Media
- Projo Exodus Continues — Reporter Who Wrote About Trudeau’s Physical Appearance Leaves
- Projo Cuts Reporter, Editors and Photographer and 3 Leave Newport Daily News
- Andy Smith, Music and Features Writer, Leaves Projo After 30 Years
- EDITORIAL: Projo Praises Mattiello. Any Ties to Trying to Preserve $700K in Legal Notices?
- GoLocal Welcomes Environmental Columnist Scott Turner, Former Projo Contributor
- National Study and Boston Media Expert Blister Projo and Parent Company for Cuts
- Projo’s Parent Company Closes More Newspapers Across the United States
- Projo’s Glass House — Company Earns Hundreds of Thousands from Antiquated Legal Notices Requirement
- Media Unrest: Projo Takes Strip Club Ads, Globe Suspends Pulitzer Prize Winner
- More Staff Reductions at Projo and Big Price Increase: UPDATED
- UPDATED: ProJo’s John Hill to Take Buyout, Three More ProJo Employees Seeking Buyouts
- Projo Issues Statement After Gun Store Sticker Ad Runs on Top of Synagogue Massacre Story
- UPDATED: WJAR-10/Sinclair Controversy Blows Up — Morning Joe Criticizes and Trump Defends Co.
- VIDEO: WJAR Anchors Read Pro-Trump Sinclair Script About “Fake News”
- WJAR’s Parent Company Sinclair is Big Winner In Trump Administration FCC Reg Rollback
- GoLocal Story On WJAR’s Parent Co. Sparks Dispute Between Sinclair, Politico - They Blame Kushner
- Who Controls Local News Has More Control Than Anyone Else, Says RIC’s Israel on Sinclair Controversy
- Sinclair’s Nationalization of Local News is “Big Problem,” Says Leading Media Strategist Brown
- Gubernatorial Candidate Roselli Calls for Boycott of Sinclair
- 2018 Governor’s Race Playbook - Will Democrats Buy Sinclair? May 14, 2018
- Whitcomb: Teacher Revolts; Sinclair Speech; A Gondola Over the Traffic? Bring Back Blue Laws?
- Raimondo Has Yet to Buy Latino Radio, But Has Spent Hundreds of Thousands with Sinclair