New York-based New Media Investment Group has revealed the terms of its deal to buy Central Penn Business Journal’s parent company.
Today the company announced that it will acquire the assets of Harrisburg-based Journal Multimedia for $18 million in cash, in a deal expected to close this quarter.
David A. Schankweiler, CEO of JM and publisher of the Central Penn Business Journal, said a May closing date is expected.
“I’m excited for New Media to be the new owner of Journal Multimedia,” said Schankweiler, who founded the business in 1984.
In addition to CPBJ, Journal Multimedia’s other publications include Pet Age and Lehigh Valley Business.
The pending sale will place Journal Multimedia under New Media’s Dolan LLC division, which New Media acquired earlier this year for $35 million. The transition was announced to JM employees earlier this month.
“Our success at Journal Multimedia will lend itself well to the New Media company,” Schankweiler said. “Having spent 32 years building the company, I’m pleased with our position in each of our markets, and with the strength in each of our brands.”
Dolan provides industry-specific news for the legal, financial, real estate and government affairs sectors in 17 markets across the U.S.
“The acquisition of Journal Multimedia is compelling as it allows us to further build out the B2B media business we created with the acquisition of Dolan in early Q1,” said Michael E. Reed, New Media President and CEO.
New Media trades on the New York Stock Exchange under the symbol NEWM.