GateHouse Media parent New Media Investment Group closed on its $102.5 million cash purchase of the Las Vegas Review-Journal’s parent company, Stephens Media LLC.
The deal includes the Review-Journal, seven other daily papers and 65 weeklies spanning seven states.
New Media CEO Kirk Davies told Stephens employees in a letter on Wednesday that the company plans to begin filling some open positions.
“The Review-Journal becomes our largest daily newspaper and its quest to reach its full potential begins right now,” Davies said. “We are also excited to begin exploring opportunities with your other daily papers, weeklies and niche products.”
New Media now owns 125 daily papers, representing about 9 percent of the 1,380 dailies in the U.S., the Review-Journal reported. It also owns more than 500 community and niche publications in more than 415 markets nationwide.
“Simply put, we are ‘all-in’ on our print and digital commitment, and marketing multimedia offerings effectively to our audience and advertisers,” Davies said in his letter. “We believe markets are best served by a wide array of product and service offerings that penetrate the local market.”