Newsonomics: A coast-to-coast newspaper shuffle is taking shape
Khai Le
“From coast to coast, the spring scent of newspaper transactions hangs in the air. The big one — Apollo Global Management’s purchase of Digital First Media — is nearing completion. Meanwhile, sellers from New York City to southern California test the mettle (and wallets) of would-be buyers.
Expect that the biggest transaction of titles in recent history will be announced by the end of April. Apollo, acting within its exclusivity agreement to buy DFM, is now finishing its due diligence and arranging its financing of the $400 million deal. (“Apollo’s acquisition of Digital First Media”)
In total, millions of readers of U.S. newspapers and sites will see behind-the-home-page changes in who runs — and decides on the future of — their local news. Readers in DFM cities will wonder what Apollo’s ownership will mean — but readers of 10 papers in Pennsylvania, Texas, and New Mexico can now know their new owner.
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