NEW YORK--(BUSINESS WIRE)--New Media Investment Group Inc., one of the largest publishers of locally based print and online media in the United States as measured by number of publications, announced today that it has agreed to acquire The Palm Beach Post and the Palm Beach Daily News, in addition to several niche publications and companion websites, from Cox Media Group, LLC for $49.25 million.

For over 100 years, The Palm Beach Post has been the leading source of local news and advertising in Palm Beach County and southern Martin County. As the flagship daily newspaper, it has daily circulation of nearly 80,000 and 102,000 on Sundays. Its sister publication, the Palm Beach Daily News, also known as The Shiny Sheet, has been published for 120 years, having been founded to serve the titans of the Gilded Age, who made Palm Beach the nation’s premier winter-resort destination. The Shiny Sheet is printed daily from October to May and twice weekly during the summer with daily circulation of over 4,500. Both print publications maintain websites as well as e-editions and news apps for their readers. Across these mediums, more than 44% of adults in the market are reached.

“We are pleased to announce our second acquisition from the Cox Media Group which includes their two strong publications that serve Palm Beach and its surrounding area,” said Michael E. Reed, New Media President and Chief Executive Officer. “We see Palm Beach as another attractive and growing market that fits in well with our current Florida footprint. These papers have been the primary source of news in their respective communities for over 100 years and have created high digital engagement that we are excited to work to build upon with our UpCurve product offerings. We are looking forward to welcoming the Palm Beach employees to the New Media team and look forward to carrying on their legacy of strong local journalism.”

We expect the transaction to close in the second quarter.

About New Media Investment Group Inc.

New Media supports small to mid-sized communities by providing locally-focused print and digital content to its consumers and premier marketing and technology solutions to its small and medium business partners. The Company is one of the largest publishers of locally based print and online media in the United States as measured by our 142 daily publications. As of December 31, 2017, New Media operates in over 565 markets across 38 states reaching over 22 million people on a weekly basis and serves approximately 215,000 business customers.