New Media Prices Public Offering Of Common Stock

(RTTNews) - New Media Investment Group Inc. (NEWM) Thursday said it priced its public offering of 6.5 million shares of its common stock for gross proceeds of around $105,625,000, before deducting underwriting discounts and commissions and offering expenses payable by the company.

In connection with the offering, the company has granted the underwriters an option for 30 days to purchase up to an additional 950,625 shares of common stock.

The offering is expected to close on September 23. New Media intends to use the net proceeds from this offering for working capital and other general corporate purposes.

NEWM, which closed at $16.76 on Wednesday, is down 4.5 percent in pre-market activity.