Telegram parent to pay $1.2M for Worcester Magazine, five others
Zachary Comeau
Worcester Magazine is now part of GateHouse Media after a $1.2 million sale.
New York-based GateHouse Media, the parent company of the Telegram & Gazette, the MetroWest Daily News and dozens of other daily and weekly newspapers in the state, is spending $1.2 million to acquire the Worcester Magazine and other five small papers in Central Massachusetts.
The previously undisclosed price of the purchase of Millbury-based Holden Landmark Corp., which was announced Thursday, was listed in new filings Wednesday from New Media Investment Group, GateHouse’s publicly-traded parent company.
Kirk Davis, president and CEO of GateHouse Media and chief operating officer at New Media, owns the Holden Landmark Corp, which includes Worcester Magazine, the Holden Landmark, baystateparent magazine, the Grafton News, the Millbury-Sutton Chronicle and the Leominster Champion.
Wednesday’s filings make no mention of Davis’ ownership of that newspaper group.
In a farewell letter to Holden Landmark Corp. staff obtained by the WBJ, Davis thanked employees for their work during the 17 years he's owned the company.
"I owe you a debt of gratitude," Davis wrote. "And I need to payoff a debt to the bank."
Last week, Davis told the WBJ that all employees at those publications will initially be hired by GateHouse Media.
The company is also purchasing Oregon newspaper The Register-Guard for $14.25 million.
According to a filing from last April, Davis, 55, made just over $1.4 million in 2016, including a base salary of $550,000, a $500,000 bonus and $400,000 in stock awards.
That filing stated Davis has no day-to-day operational involvement in Cracked Rock Media, the holding company of the Holden Landmark Corp.
Compensation information for 2017 has not yet been filed.
Wednesday's disclosure coincides with the release of New Media’s 2017 earnings report. The company reported a net loss of about $900,000 on revenues of $1.3 billion last year.
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