New York-based New Media is a publicly traded company formed in 2013 by assuming control of GateHouse Media Inc.
The sale also includes daily and weekly newspapers in Kansas, Texas, Arkansas, Georgia and Florida, along with Morris' commercial printing operations based in Lubbock, Texas.
GateHouse Media's parent company, New Media Investment Group, (NYSE:NEWM) announced to Historic City News today an agreement to acquire 79 publications and related assets of Morris Publishing Group, including The St. Augustine Record and The Florida Times-Union, for $120 million.
William S. Morris III, chairman of Morris Communications, will remain publisher of The Augusta Chronicle.
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The sale, according to the Morris Communications press release, is expected to be finalized on October 2, 2017.
GateHouse Media, the soon to be new owners of these 11 newspapers, owns over one hundred other daily papers. Terms of the deal have not been disclosed. "The Morris family has been tremendously committed to the Amarillo community for 45 years and I've spent all of my 30-year career with them". "The sale of the Amarillo Globe-News is certainly bittersweet", said Les Simpson, publisher of the Globe-News. "Every newspaper company in America is battling trends and redirected advertising dollars, so it is necessary for newspapers to be part of a large newspaper group to build and maintain the necessary resources to compete".
"However, Gatehouse is a dynamic company that understands community journalism and helping businesses prosper and grow through innovative solutions", said Simpson.
The Georgia-based owner of several Alaska newspapers is selling the publications to a NY media conglomerate. According to the Times-Union, the Morris family will continue to own the Times-Union building.