New York-based New Media Investment Group said Friday it has an agreement to purchase the Business Information Division of Dolan LLC, the Minneapolis-based parent of The Mecklenburg Times and more than three dozen properties across the nation.
New Media, which owns GateHouse Media with 125 daily publications across 32 states, expects to close on the acquisition in the next several weeks, it said in a statement. New Media’s portfolio includes more than 575 community publications and 490 related websites.
“We see significant potential for both companies as we share experiences, products, and new revenue growth strategies,” Kirk Davis, CEO of GateHouse Media and COO of New Media Investment Group, said in a statement.
Dolan LLC has 39 print and online publications offering news for the legal, financial, real estate and government affairs sectors in 17 markets. In addition to The Mecklenburg Times, it publishes North Carolina Lawyers Weekly and South Carolina Lawyers Weekly.
“This acquisition by New Media Investment Group represents a tremendous opportunity for all of Dolan as well as the Carolinas operation as we will now have the resources and economies of scale associated with a $1.2 billion company,” Carolinas Group Publisher Keven Todd said. “This will allow us to better serve our readers and advertisers in a number of new and exciting ways, and we’re looking forward to the transition that’s coming up.”