LAS VEGAS (AP) — New York-based New Media Investment Group Inc. says it has reached an agreement to purchase the company that owns the Las Vegas Review-Journal and daily newspapers in six other states.

New Media President and CEO Michael E. Reed said in a statement Thursday that they will purchase Stephens Media LLC's assets for $102.5 million cash.

New Media operates in more than 370 markets across 27 states, publishing 450 community publications.

Reed expects the deal to close in the first quarter of 2015. He says Stephens' publications have a strong community focus, solid readership base and stable advertisers,' with daily papers in Arkansas, Iowa, North Carolina, Oklahoma, Tennessee and Texas.

In Nevada, Stephens also owns the Pahrump Valley Times, Tonopah Times-Bonanza and Boulder City Review.