Categories: OLD Media Moves

Price tag for Dolan biz papers: $35 million

New Media Investment Group, which last month agreed to acquire the business newspaper operation of Dolan Co., disclosed Monday that the purchase price was $35 million.

The deal, which closed Dec. 31, includes 39 business newspapers, including such as Long Island Business News, New Orleans CityBusiness and the Idaho Business Review.

New Media becomes the second-largest owner of weekly business newspapers in the country, behind American City Business Journals.

Dolan had owned 39 print and online publications in 17 markets across the U.S. but had entered Chapter 11 bankruptcy reorganization in 2014, which led to the resignation of CEO Jim Dolan.

The business newspapers include the Arizona Capitol Times, the Daily Journal of Commerce in Oregon and Finance & Commerce in Minnesota.

New Media stock closed Monday at $19.01, down 45 cents, or 2.31 percent.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.