SYDNEY: Australia's Macquarie Media Group has inked an A$102 million ($78.9m; €61m; £40m) deal to buy US regional newspaper publisher American Consolidated Media.
The acquisition of AMC, which owns 40 local titles in Texas and Oklahoma, is part of a broader strategy by MMG to increase its footprint in the US, according to managing director Alex Harvey.
He says: "We have identified community newspapers as an asset class which meets our investment criteria, generating stable cash flows from predominantly local advertisers, with low dependence on circulation and classified advertising."
MMG's existing assets include 85 Australian regional radio licences, a 60% interest in pay-TV provider Taiwan Broadband Communications and a 13.8% interest in Southern Cross Broadcasting. The AMC deal represents its first foray in the print medium.
The acquisition is expected to be completed next month, subject to regulatory approval in the US.
Data sourced from Sydney Morning Herald; additional content by WARC staff