The Progress-Index and The Colonial Voice have been acquired by New Media Investment Group, one of the largest owners of newspapers in the country according to Gary Greene, Cribb, Greene & Associates, who represented the seller in the transaction.
New Media also announced it purchased five daily, nine weekly newspapers and four shoppers from the American Consolidated Media Southwest Group. Together, the two acquisitions were purchased for $15.3 million.
New Media is the owner of GateHouse Media, LLC, one of the largest publishers of locally-based print and online media in the United States. The newspapers will be managed by GateHouse Media.
“We at Times-Shamrock are both sad to see our friends and coworkers at The Progress-Index go, but we’re also happy to see them join an exciting and innovative company like GateHouse,” said George V. Lynett Jr., a CEO of Times-Shamrock Communications, the parent company of The Progress-Index. “Since we purchase the PI in 1997, it has been an important part of Times-Shamrock and has continued to be indispensable to the readers and advertisers it serves. We thank our employees for 17 great years and we wish GateHouse well in all of the future endeavors.”
“The Progress-Index is thrilled to join GateHouse Media, which has a strong reputation for community journalism,” said Publisher Cindy Morgan. “Together I am certain that we will continue our history of providing the best local content and advertising to our readers.”
The Progress-Index traces its origins to July 4, 1865. The newspaper moved into its current Franklin Street location in 1921 and in 1923 two newspapers were merged into what became The Progress-Index.
The Progress-Index was purchased in January 1997 by the Times-Shamrock Group of Scranton, Pa., a family business owned by the Lynetts and Haggertys. The Progress-Index entered the digital age in 2002 by launching its website, progress-index.com, and converted to a seven-day a week morning newspaper in October 2011.
Cribb, Greene & Associates is a ninety-one year old newspaper brokerage, appraisal and consulting firm with offices in Helena, MT, Charlottesville, VA, and Neosho, MO.