Acquisitive New Media Investment Group reported its fourth quarter results today and tallied the score on $538 million spent buying newspapers over the last year and a half.
The company’s business plan calls for $1 billion in acquisitions over three years, so more of the same is on the way.
New Media also increased its quarterly dividend which yields investors 4 to 5 percent annually. And the company’s shares were up more 6 percent for the day and nearly 50 percent in the last six months.
Besides offering the generous dividend, New Media targets smaller papers that have been less affected by digital competition than metros. After the acquisition of Stephens Media, announced a week ago, is completed in March, the largest circulation titles in its roster of 125 dailies will be the Las Vegas Review-Journal, the Sarasota Herald Tribune and the Providence Journal. Read more