Tampa Bay Times to be sold to GateHouse Media in $79M deal

[TexasTowelie]

One of the nation’s busiest acquirers of newspapers and online media has agreed to buy the Tampa Bay Times and other related properties in a deal announced late Saturday night at a price of $79.25 million.

Executives at New York-based New Media Investment Group Inc. said the Times will join a growing GateHouse Media stable of more than 140 daily newspapers. That represents more than 1 in 10 in the country.

The sale is expected to be completed by May.

“We see Tampa Bay as another attractive and growing market that fits in well with our current Florida footprint,” said Michael E. Reed, New Media’s president and CEO. He called the papers “the primary source of news in their respective communities for over 100 years” and said they have “created high digital engagement that we are excited to work to build upon.”

Publicly traded New Media Investment Group (NEWM) has been on a buying spree in an industry grappling with change and consolidation. Earlier this month, the company announced it had agreed to purchase the Austin American-Statesman newspaper and related publications in Texas, for $47.5 million.

Read more: http://floridapolitics.com/archives/260203-tampa-bay-times-to-be-sold-to-gatehouse-media-in-79m-deal

[TheCowsCameHome]

1. They'll pick it's bones clean.

It's what they do best.

[TexasTowelie]

2. I probably visit at least two of their sites in nearly every state

when I make my rounds for the state groups. While they seem to be politically neutral, I find the quality of their reporting to be lacking. They don't do much investigative reporting and the content is limited.

I also do not like how their Web pages are displayed and the navigation is tough because the layout keeps jumps around while photos are loaded.

The fact that they fired the political blogger for the Times also shows a commitment towards blandness.