Schurz Communications has announced it is selling the South Bend Tribune, along with its entire publishing division, to New York-based GateHouse Media.
GateHouse is one of the largest publishers of locally-based print and online media in the United States, according to the company’s description.
The sale is expected to be finalized in first-quarter. There was no immediate word on what changes, if any, readers would notice.
Moving forward, Schurz, which once owned WSBT-TV and the WSBT Radio Group, plans to focus its investments into I.T. services and broadband companies.
The following news release regarding the sale was issued by Schurz Communications:
January 28, 2019, Mishawaka, Ind. – Schurz Communications, a privately held communications company formed in 1872, announced today 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 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 advisor 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.