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Aug. 9 – The company buying the Morning News, New Media Investment Group, reported a Strong Second Quarter

Category: Local Media & Agencies

By Lou Phelps, Savannah Business Journal

August 9, 2017 – With the news today that the Savannah Morning News, Savannah Magazine, and the majority of the assets of Morris Publishing Group has been sold to New Media Investment Group Inc., there’s an interest in learning more about the mega company that owns the region’s only print daily newspaper.

On July 27, NMIG reported total revenues of $322.9 million, up 2.6% to prior year on a reported basis, but down 5.4% to the prior year on an organic same store basis. The growth in revenue is due to acquisitions that New Media has made over the past 12 months.

Adjusted expenses were $279.6 million were up 1.8% to prior year, and but ‘same store’

expenses were down 6.3% to prior year. The company has been shutting down printing plants, and consolidating the production of the pages of many of its newspapers to a facility in Austin, Tx.

The company reported a Net loss of ($21.7 million) in the 2nd Qtr, negatively impacted by approximately $36.6 million of non-cash charges, primarily $27.4 million of intangible impairments and $8.0 million of book tax expense.  

As reported by the company in its SEC filings. New Media continues to look at its accounting methods, and like many newspaper companies in the U.S., their assets are now worth less and they must take “intangible impairments.”

But, excluding these items, the Company’s result was $14.9 million of Net income, with an Adjusted EBITDA of $43.3 million, up 8.0% to prior year.   And the company had Free Cash Flow of $33.7 million, up 15.8% to prior year, aided by its acquisitions.

On June 30, New Media closed the acquisition of Calkins Media for $17.5 million, and they closed the sale of the Medford, Oregon Mail Tribune for $15.0 million on June 2, 2017.  

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