GateHouse Media has agreed to acquire the Minneapolis-based publisher Dolan LLC, the owner of Virginia Lawyers Media.
New Media, which owns GateHouse Media with 125 daily publications across 32 states, expects to close on the acquisition in the next several weeks, it said in a statement. New Media’s portfolio includes more than 575 community publications and 490 related websites.
The company announced the purchase of Dolan in tandem with the sale of the publisher of the Las Vegas Review-Journal and the purchase of another local unnamed media asset.
“We are thrilled to announce these three transactions and believe they demonstrate our continued commitment and ability to generate substantial returns for our shareholders,” Michael Reed, president and chief executive of New Media Investment Group, which owns GateHouse Media, said in a statement. “Although we are a net acquirer of local media businesses, we will opportunistically pursue transactions that are in the best interest of New Media’s shareholders.”
Virginia Lawyers Media publishes Virginia Lawyers Weekly, the Virginia Medical Law Report and valawyersweekly.com. Dolan LLC has 39 print and online publications offering news for the legal, financial, real estate and government affairs sectors in 17 markets. Dolan LLC’s properties have more than 46,000 paid subscribers.
“We are pleased to announce the agreement to acquire the Dolan assets and see a tremendous opportunity to leverage its publications and subscriber base across New Media’s footprint,” said Michael Reed, president and chief executive of New Media Investment Group. “In addition to the valuable content Dolan provides to its readership base, we believe their subscribers, which are predominantly service oriented business owners, are the ideal customer for our fast-growing digital services business, Propel Marketing.”