NEWPORT, R.I. (AP) — The family-owned business that owns The Newport Daily News is being sold.

The Newport Daily News reports the Edward A. Sherman Publishing Company announced Thursday GateHouse Media Inc. will purchase the business. The Independent, Newport Life Magazine and multiple other publications will be included in the sale in addition to The Daily News.

The sale is scheduled to be finalized Nov. 1.

Albert Sherman Jr, retired publisher of The Daily News and president of Sherman Publishing's board of directors, described the sale as "one of the saddest days" of his life. Sherman Publishing was established in 1918 when Edward Sherman bought The Daily News.

GateHouse publishes 125 daily newspapers including The Providence Journal. GateHouse CEO Kirk Davis says he respects the Sherman family and Rhode Island communities.

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Information from: The Newport Daily News.