Daily American to have new ownership
Schurz Communications, the parent company of the Daily American, has sold its newspaper properties to GateHouse Media. The new owners plan to keep all of the employees in Somerset and continue offering the same services and products.
“The Daily American’s focus will not change because of its new ownership. We will continue to be committed to providing strong, local news coverage and offer advertisers the best ways to connect with customers. If anything, we expect this change to make the Daily American even stronger and better equipped to succeed in the future. We have a great team here who does great work every day. That won’t change,” said Becky Flyte, general manager of the Daily American.
Schurz Communications, a privately held communications company formed in 1872, announced Monday its intention to sell its publishing division to GateHouse Media, LLC (“GateHouse Media”) and will continue investing in the areas of cloud and managed IT services and broadband operations. GateHouse Media, one of the largest publishers of locally based print and online media in the United States, is expected to assume ownership during the first quarter of 20 regional papers and several special publications in Indiana, Maryland, Michigan, Pennsylvania and South Dakota.
“Our leadership team, Board of Directors and ownership group are dedicated to helping the company stay true to its roots of fostering communication and connections while charting a successful course for the future,” said Todd Schurz, president and chief executive officer at Schurz Communications. “This a natural next step forward in our evolution as a company given our mission to help solve challenges by linking people, businesses and communities. We will continue to explore the types of investments that support our commitment to technology and anticipate adding new employees to our team and new companies to our portfolio in the near future.”
Schurz has owned the Daily American since October 1997. The newspaper was founded in Somerset in 1929.
Schurz Communications’ technology focus began with the purchase of four broadband companies and the company is currently poised to complete the purchase of a fifth. In February 2018, Schurz Communications subsequently announced that it had acquired leading compliant hybrid cloud provider, Online Tech, LLC. An additional investment in the cloud infrastructure assets of Neverfail was announced in December 2018 and highlighted the company’s interest in expanding Online Tech’s presence on a global scale.
Moorgate Securities, LLC acted as exclusive financial adviser to Schurz Communications in connection with this transaction.
About Schurz Communications Inc.
Schurz Communications Inc. is a family owned corporation that has been helping businesses, communities and individuals make meaningful connections for five generations. The Schurz legacy began in newspaper publishing and today, the company remains committed to making information more accessible through the platforms and technology of the digital age. Schurz Communications’ recent investments include regional broadband companies, global data center solutions providers and digital media and marketing firms. The company’s portfolio also includes a variety of minority investments. For more information, visit www.schurz.com.
About GateHouse Media, LLC
GateHouse Media, headquartered in Pittsford, New York, is a wholly owned subsidiary of New Media Investment Group Inc., which is focused primarily on investing in a high quality, diversified portfolio of local media assets and on growing existing advertising and digital marketing and business services. GateHouse Media is one of the largest publishers of locally based print and online media in the United States, as measured by its 145 daily publications. As of September 30, 2018, the company operates in over 555 markets across 37 states, reaching over 23 million people on a weekly basis and serves over 221,000 business customers.
About Moorgate Securities, LLC
Moorgate Securities, LLC is an independent merchant banking and advisory firm that looks to partner with industry leading executives and management teams to source and acquire middle market growth companies in the technology, media, and communications industries. Additionally, Moorgate provides independent, trusted advisory services and outsourced corporate development to a focused group of clients. Moorgate has offices in New York City and San Francisco. For more information, visit www.MoorgatePartners.com.