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A. H. Belo Corp to sell Providence Newspaper Operation to New Media Investment Group Inc

Tuesday, 22 Jul 2014 05:44pm EDT 

A. H. Belo Corp:Enters into definitive asset purchase agreement under which subsidiary of New Media Investment Group Inc. (New Media) will acquire substantially all of assets.Says it comprise newspaper operations of The Providence Journal located in Providence, Rhode Island, including production facility and related land, for $46 mln in cash before usual closing costs.A. H. Belo will retain sponsorship of defined benefit pension plan for Providence employees.75 Fountain Street headquarters building, the downtown parking lots and the former Rhode Island Monthly / Sunday inserting building are not included in the transaction.A. H. Belo will continue to own and market these properties for sale.New Media is expected to lease headquarters building and parking lots for one year after close of the transaction, which is anticipated to occur in the third quarter.Stephens Inc. served as exclusive financial advisor to A. H. Belo on the transaction. 

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3:29pm EDT