Business & Tech
Cape Cod, Nantucket Newspapers Sold for $87 Million, 10 Lose Jobs
The buyer is affiliated with the majority shareholder in GateHouse Media Inc., which will operate the newspapers in the network formerly known as the Dow Jones Local Media Group, the Cape Cod Times reports.
Written by Louisa Hufstader
The Cape Cod Times reported Tuesday the news that it had been sold by News Corp., along with The Barnstable Patriot, The Inquirer & Mirror on Nantucket, The Standard-Times in New Bedford and other southeastern Massachusetts weeklies.
Read News Corp Sells the Cape Cod Times
The price paid for the Dow Jones Local Media Group newspapers, including the Cape Cod Times, and websites was $87 million, according to a press release from purchaser Newcastle Investment Corp.
The buyer is affiliated with the majority shareholder in GateHouse Media Inc., which will operate the newspapers in the network formerly known as the Dow Jones Local Media Group, the Cape Cod Times reports, adding that a total of 10 staff members lost their jobs across the media group.
GateHouse Media operates the Wicked Local network of news sites, the Dennis Pennysaver, the Nantucket Independent, O Jornal Brasieiro in Fall River and other newspapers and websites.
What's your reaction to this news? Tell us in the comments.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
