Intrinsic value of New Media Investment Group - NEWM

Previous Close

$15.62

  Intrinsic Value

$5.83

stock screener

  Rating & Target

str. sell

-63%

Previous close

$15.62

 
Intrinsic value

$5.83

 
Up/down potential

-63%

 
Rating

str. sell

We calculate the intrinsic value of NEWM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  20.40
  18.86
  17.47
  16.23
  15.10
  14.09
  13.18
  12.37
  11.63
  10.97
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.69
  6.52
  6.36
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
Revenue, $m
  1,616
  1,921
  2,256
  2,622
  3,018
  3,444
  3,898
  4,380
  4,889
  5,425
  5,988
  6,576
  7,191
  7,832
  8,500
  9,194
  9,916
  10,667
  11,447
  12,257
  13,100
  13,975
  14,886
  15,834
  16,820
  17,847
  18,917
  20,032
  21,195
  22,408
Variable operating expenses, $m
  1,524
  1,799
  2,102
  2,433
  2,790
  3,175
  3,585
  4,020
  4,480
  4,964
  5,409
  5,940
  6,496
  7,075
  7,678
  8,305
  8,958
  9,635
  10,340
  11,072
  11,833
  12,624
  13,447
  14,303
  15,193
  16,121
  17,087
  18,095
  19,145
  20,242
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,524
  1,799
  2,102
  2,433
  2,790
  3,175
  3,585
  4,020
  4,480
  4,964
  5,409
  5,940
  6,496
  7,075
  7,678
  8,305
  8,958
  9,635
  10,340
  11,072
  11,833
  12,624
  13,447
  14,303
  15,193
  16,121
  17,087
  18,095
  19,145
  20,242
Operating income, $m
  92
  122
  154
  190
  228
  269
  313
  359
  409
  461
  579
  636
  695
  757
  822
  889
  959
  1,031
  1,107
  1,185
  1,267
  1,351
  1,439
  1,531
  1,626
  1,726
  1,829
  1,937
  2,049
  2,167
EBITDA, $m
  218
  259
  304
  354
  407
  465
  526
  591
  659
  732
  808
  887
  970
  1,056
  1,147
  1,240
  1,338
  1,439
  1,544
  1,653
  1,767
  1,885
  2,008
  2,136
  2,269
  2,407
  2,552
  2,702
  2,859
  3,023
Interest expense (income), $m
  27
  31
  41
  53
  66
  80
  95
  112
  129
  148
  168
  188
  210
  233
  256
  281
  307
  334
  362
  391
  421
  452
  484
  518
  553
  590
  628
  668
  709
  752
  797
Earnings before tax, $m
  62
  81
  101
  124
  148
  174
  201
  230
  261
  293
  391
  426
  463
  501
  541
  582
  625
  670
  716
  765
  815
  867
  921
  978
  1,036
  1,098
  1,161
  1,228
  1,297
  1,370
Tax expense, $m
  17
  22
  27
  33
  40
  47
  54
  62
  70
  79
  106
  115
  125
  135
  146
  157
  169
  181
  193
  206
  220
  234
  249
  264
  280
  296
  314
  332
  350
  370
Net income, $m
  45
  59
  74
  90
  108
  127
  147
  168
  190
  214
  285
  311
  338
  366
  395
  425
  456
  489
  523
  558
  595
  633
  672
  714
  757
  801
  848
  896
  947
  1,000

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,545
  1,836
  2,157
  2,507
  2,886
  3,292
  3,726
  4,187
  4,674
  5,186
  5,724
  6,287
  6,875
  7,488
  8,126
  8,790
  9,480
  10,198
  10,943
  11,718
  12,524
  13,361
  14,231
  15,137
  16,080
  17,062
  18,085
  19,151
  20,263
  21,423
Adjusted assets (=assets-cash), $m
  1,545
  1,836
  2,157
  2,507
  2,886
  3,292
  3,726
  4,187
  4,674
  5,186
  5,724
  6,287
  6,875
  7,488
  8,126
  8,790
  9,480
  10,198
  10,943
  11,718
  12,524
  13,361
  14,231
  15,137
  16,080
  17,062
  18,085
  19,151
  20,263
  21,423
Revenue / Adjusted assets
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
Average production assets, $m
  821
  976
  1,146
  1,332
  1,533
  1,749
  1,980
  2,225
  2,484
  2,756
  3,042
  3,341
  3,653
  3,979
  4,318
  4,671
  5,038
  5,419
  5,815
  6,227
  6,655
  7,099
  7,562
  8,043
  8,544
  9,066
  9,610
  10,176
  10,767
  11,383
Working capital, $m
  19
  23
  27
  31
  36
  41
  47
  53
  59
  65
  72
  79
  86
  94
  102
  110
  119
  128
  137
  147
  157
  168
  179
  190
  202
  214
  227
  240
  254
  269
Total debt, $m
  484
  623
  775
  942
  1,121
  1,315
  1,521
  1,740
  1,971
  2,214
  2,470
  2,737
  3,016
  3,307
  3,611
  3,926
  4,254
  4,595
  4,949
  5,317
  5,699
  6,097
  6,511
  6,941
  7,389
  7,855
  8,341
  8,847
  9,376
  9,927
Total liabilities, $m
  734
  872
  1,025
  1,191
  1,371
  1,564
  1,770
  1,989
  2,220
  2,464
  2,719
  2,986
  3,266
  3,557
  3,860
  4,175
  4,503
  4,844
  5,198
  5,566
  5,949
  6,346
  6,760
  7,190
  7,638
  8,104
  8,590
  9,097
  9,625
  10,176
Total equity, $m
  811
  964
  1,132
  1,316
  1,515
  1,728
  1,956
  2,198
  2,454
  2,723
  3,005
  3,301
  3,609
  3,931
  4,266
  4,615
  4,977
  5,354
  5,745
  6,152
  6,575
  7,014
  7,471
  7,947
  8,442
  8,957
  9,494
  10,054
  10,638
  11,247
Total liabilities and equity, $m
  1,545
  1,836
  2,157
  2,507
  2,886
  3,292
  3,726
  4,187
  4,674
  5,187
  5,724
  6,287
  6,875
  7,488
  8,126
  8,790
  9,480
  10,198
  10,943
  11,718
  12,524
  13,360
  14,231
  15,137
  16,080
  17,061
  18,084
  19,151
  20,263
  21,423
Debt-to-equity ratio
  0.600
  0.650
  0.680
  0.720
  0.740
  0.760
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.840
  0.840
  0.850
  0.850
  0.850
  0.860
  0.860
  0.860
  0.870
  0.870
  0.870
  0.870
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
Adjusted equity ratio
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  45
  59
  74
  90
  108
  127
  147
  168
  190
  214
  285
  311
  338
  366
  395
  425
  456
  489
  523
  558
  595
  633
  672
  714
  757
  801
  848
  896
  947
  1,000
Depreciation, amort., depletion, $m
  126
  137
  150
  164
  179
  196
  213
  231
  251
  271
  229
  251
  275
  299
  325
  351
  379
  407
  437
  468
  500
  534
  569
  605
  642
  682
  723
  765
  810
  856
Funds from operations, $m
  171
  196
  224
  254
  287
  322
  360
  399
  441
  485
  514
  562
  612
  665
  719
  776
  835
  896
  960
  1,026
  1,095
  1,167
  1,241
  1,318
  1,399
  1,483
  1,570
  1,662
  1,757
  1,856
Change in working capital, $m
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
Cash from operations, $m
  167
  192
  220
  250
  282
  317
  354
  394
  435
  479
  507
  555
  605
  657
  711
  768
  826
  887
  951
  1,017
  1,085
  1,156
  1,230
  1,307
  1,387
  1,471
  1,558
  1,648
  1,743
  1,841
Maintenance CAPEX, $m
  -51
  -62
  -73
  -86
  -100
  -115
  -132
  -149
  -167
  -187
  -207
  -229
  -251
  -275
  -299
  -325
  -351
  -379
  -407
  -437
  -468
  -500
  -534
  -569
  -605
  -642
  -682
  -723
  -765
  -810
New CAPEX, $m
  -139
  -155
  -170
  -186
  -201
  -216
  -231
  -245
  -259
  -272
  -286
  -299
  -312
  -326
  -339
  -353
  -367
  -381
  -396
  -412
  -428
  -445
  -463
  -481
  -501
  -522
  -544
  -567
  -591
  -616
Cash from investing activities, $m
  -190
  -217
  -243
  -272
  -301
  -331
  -363
  -394
  -426
  -459
  -493
  -528
  -563
  -601
  -638
  -678
  -718
  -760
  -803
  -849
  -896
  -945
  -997
  -1,050
  -1,106
  -1,164
  -1,226
  -1,290
  -1,356
  -1,426
Free cash flow, $m
  -23
  -24
  -24
  -22
  -19
  -14
  -8
  0
  9
  20
  14
  27
  42
  57
  73
  90
  108
  127
  147
  168
  189
  211
  234
  257
  281
  306
  332
  359
  387
  415
Issuance/(repayment) of debt, $m
  125
  138
  152
  166
  180
  193
  206
  219
  231
  243
  255
  267
  279
  291
  303
  315
  328
  341
  354
  368
  383
  398
  414
  430
  448
  466
  486
  506
  528
  551
Issuance/(repurchase) of shares, $m
  92
  94
  95
  93
  91
  87
  81
  74
  65
  55
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  217
  232
  247
  259
  271
  280
  287
  293
  296
  298
  255
  267
  279
  291
  303
  315
  328
  341
  354
  368
  383
  398
  414
  430
  448
  466
  486
  506
  528
  551
Total cash flow (excl. dividends), $m
  194
  209
  223
  238
  252
  266
  279
  293
  306
  318
  270
  295
  321
  348
  376
  406
  436
  468
  501
  536
  571
  609
  647
  687
  729
  773
  818
  866
  915
  966
Retained Cash Flow (-), $m
  -137
  -153
  -168
  -184
  -199
  -214
  -228
  -242
  -256
  -269
  -282
  -295
  -309
  -322
  -335
  -349
  -362
  -377
  -391
  -407
  -423
  -440
  -457
  -476
  -495
  -515
  -537
  -560
  -584
  -609
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  57
  56
  55
  54
  53
  52
  51
  51
  50
  49
  -13
  -1
  12
  26
  41
  57
  74
  92
  110
  129
  149
  169
  190
  212
  234
  257
  281
  306
  331
  357
Discount rate, %
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
  54
  50
  46
  42
  39
  35
  32
  28
  25
  22
  -5
  0
  4
  7
  9
  11
  11
  12
  11
  10
  9
  8
  7
  6
  5
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  91.1
  84.1
  78.6
  74.2
  70.7
  67.9
  65.7
  64.0
  62.7
  61.7
  61.7
  61.7
  61.7
  61.7
  61.7
  61.7
  61.7
  61.7
  61.7
  61.7
  61.7
  61.7
  61.7
  61.7
  61.7
  61.7
  61.7
  61.7
  61.7
  61.7

New Media Investment Group Inc. is a holding company. The Company owns, operates and invests in local media assets. The Company's segments include Eastern US Publishing, Central US Publishing, Western US Publishing and BridgeTower. It focuses on owning and acquiring local media assets in small to mid-size markets. It is a publisher of local newspapers and related publications. As of December 25, 2016, its portfolio of media assets spanned across 538 markets and 36 states. As of December 25, 2016, its products included 631 community print publications, 538 Websites and two yellow page directories. Its directory portfolio includes Surewest Directories located in and around the Sacramento, California area, primarily in Roseville, California. The Roseville directory serves the local Roseville community. It also owns additional directory based in Mt. Shasta, California. Propel is its business services product line with digital products designed for small and midsized businesses (SMBs).

FINANCIAL RATIOS  of  New Media Investment Group (NEWM)

Valuation Ratios
P/E Ratio 26.1
Price to Sales 0.7
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 8.5
Price to Free Cash Flow 9.6
Growth Rates
Sales Growth Rate 4.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 10%
Cap. Spend. - 3 Yr. Gr. Rate 17.1%
Financial Strength
Quick Ratio 12
Current Ratio 0.1
LT Debt to Equity 44.9%
Total Debt to Equity 46.8%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. 5.1%
Return On Total Capital 3%
Ret/ On T. Cap. - 3 Yr. Avg. 3.5%
Return On Equity 4.6%
Return On Equity - 3 Yr. Avg. 5.3%
Asset Turnover 1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 9.9%
EBITDA Margin - 3 Yr. Avg. 10.6%
Operating Margin 4.9%
Oper. Margin - 3 Yr. Avg. 5.4%
Pre-Tax Margin 2.3%
Pre-Tax Margin - 3 Yr. Avg. 2.7%
Net Profit Margin 2.5%
Net Profit Margin - 3 Yr. Avg. 2.6%
Effective Tax Rate -10.3%
Eff/ Tax Rate - 3 Yr. Avg. -2%
Payout Ratio 187.5%

NEWM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NEWM stock intrinsic value calculation we used $1342.004 million for the last fiscal year's total revenue generated by New Media Investment Group. The default revenue input number comes from 0001 income statement of New Media Investment Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NEWM stock valuation model: a) initial revenue growth rate of 20.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.3%, whose default value for NEWM is calculated based on our internal credit rating of New Media Investment Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of New Media Investment Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NEWM stock the variable cost ratio is equal to 95.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NEWM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 8.5% for New Media Investment Group.

Corporate tax rate of 27% is the nominal tax rate for New Media Investment Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NEWM stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NEWM are equal to 50.8%.

Life of production assets of 13.3 years is the average useful life of capital assets used in New Media Investment Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NEWM is equal to 1.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $674.393 million for New Media Investment Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 60.293 million for New Media Investment Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of New Media Investment Group at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ Two longtime top executives leave GateHouse Media   [Sep-10-18 06:17AM  American City Business Journals]
▶ Weekly CEO Buys Highlight   [Aug-20-18 11:50AM  GuruFocus.com]
▶ Statesman offers buyouts to all 200-plus employees   [Aug-10-18 09:04AM  American City Business Journals]
▶ New Media Investment: 2Q Earnings Snapshot   [Aug-02-18 08:34AM  Associated Press]
▶ 4 Top Ranked Momentum Stocks to Buy for June 20th   [Jun-20-18 01:45PM  InvestorPlace]
▶ New Media Investment: 1Q Earnings Snapshot   [May-03-18 07:21AM  Associated Press]
▶ Dispatch parent to buy the Akron Beacon Journal for $16M   [Apr-11-18 05:38PM  American City Business Journals]
▶ GateHouse Media buys Palm Beach Post for $49.3 million   [Mar-28-18 08:49PM  Associated Press]
▶ New Media Announces Strategic Alliance with Kabbage   [Mar-13-18 08:30AM  Business Wire]
▶ New Media Investment posts 4Q profit   [07:07AM  Associated Press]
▶ GateHouse Media grows its empire by buying top exec's publishing company   [Feb-22-18 03:34PM  American City Business Journals]
▶ GateHouse CEO: 'We couldn't be happier with how things are going in Ohio'   [Dec-21-17 04:38PM  American City Business Journals]
▶ Boston Herald files for bankruptcy, sells to GateHouse Media   [Dec-08-17 05:38PM  American City Business Journals]
▶ New Media Investment reports 3Q loss   [Oct-26-17 07:25AM  Associated Press]
▶ Owner of KC-area newspaper buys more across U.S.   [Aug-10-17 10:27AM  American City Business Journals]
▶ Morris Communications selling newspapers to GateHouse Media   [Aug-09-17 02:57PM  Associated Press]
▶ Columbus Dispatch owner buys another family-run news media company   [10:50AM  American City Business Journals]
▶ Florida Times-Union, St. Augustine Record sold   [08:19AM  American City Business Journals]
▶ New Media Investment reports 2Q loss   [Jul-28-17 12:19AM  Associated Press]

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