88°F
weather icon Clear
Pahrump, NV
News

Times to have new ownership after company sale

By Howard Stutz Special to Pahrump Valley Times
February 25, 2015 - 7:01 am
 

The Pahrump Valley Times will be under new ownership as part of a deal to sell its parent company, Stephens Media, to New York-based New Media Investment Group.

The $102.5 million cash deal includes Nye County-based newspapers the Times, Tonopah Times-Bonanza & Goldfield News, and The Mirror, as well as the Las Vegas Review-Journal in Clark County, the largest newspaper in the Stephens Media portfolio.

Stephens Media bought the Pahrump Valley Times in November 2002, and the Tonopah newspaper in May 2004.

The Mirror was acquired late last year during the purchase of the Times’ new building at 1570 E. Highway 372.

The Stephens Media purchase agreement to one of the nation’s largest publishing companies was announced Thursday in a company email to staff.

New Media, with offices in New York City and Pittsford, N.Y., currently operates 133 daily newspapers, 250 paid weekly publications nationwide. New Media’s larger holdings include the Providence (R.I.) Journal, the Sarasota (Fla.) Herald-Tribune and the Daytona Beach (Fla.) News-Journal.

New Media, publicly traded on the New York Stock Exchange with the ticker symbol NEWM, is just a year old.

It is a part of a company that holds GateHouse Media and Dow Jones Local Media group publications, and has been actively acquiring newspapers in recent months.

New Media has spent $457 million on local media properties, including $280 million for the Florida-based Halifax Media Group in November.

Halifax was backed by Stephens Capital Partners, whose CEO is Arkansas billionaire Warren Stephens. The Stephens family owns privately held Stephens Media.

In a statement, New Media CEO Michael Reed said the purchase of Stephens Media gives the company several new markets. He said New Media would introduce “new digital initiatives” in those communities.

“The portfolio is anchored by an attractive set of print publications with a strong community focus, solid readership base and stable advertisers with limited customer concentration,” Reed said.

Stephens Media CEO Ed Moss said in a statement that New Media would be able to expand the company’s newspaper products.

“New Media is well positioned to build off of our company’s successes and lead the organization to new heights with their strong portfolio of print and digital products and services,” Moss said. “We have dedicated and talented employees that will prove to be great assets to the outstanding organization that New Media is building.”

New Media said it expects the transaction would close by the end of March.

Stephens Media entered 2014 with 11 daily newspapers, 64 weeklies, magazines and specialty publications and 100 websites in seven states, plus half-ownership of the Northwest Arkansas Newspapers LLC, publisher of four daily newspapers in that state.

The sale announced Thursday does not include the Stephens share of Northwest Arkansas Newspapers.

Pahrump Valley Times editor Arnold M. Knightly contributed to this report.

THE LATEST
Special to the Pahrump Valley Times Pahrump Fire and Rescue Chief Scott Lewis spoke in support ...
Why Nye County officials are lobbying to keep its Public Safety Sales Tax
By Robin Hebrock Pahrump Valley Times

Commonly referred to as the PSST, this tax was established by an act of legislation in 2007, authorizing the county to impose a sales tax of up to one-half of 1 percent to fund staff and equipment for the local public safety departments.

Robin Hebrock/Pahrump Valley Times file The land at the southwest corner of Highway 160 and Hom ...
What could become of former Kingdom Gentlemen’s Club site
By Robin Hebrock Pahrump Valley Times

The land at the southwest corner of Highway 160 and Homestead Road has been bare since 2019 when the infamous white castle-style building that once housed the Kingdom Gentlemen’s Club was finally torn down. Now, five years later, the first steps are being taken toward redevelopment of the property.

Victim’s family speaks about fatal stabbing in Pahrump park
By Selwyn Harris Pahrump Valley Times

A family member of the woman who was stabbed to death at Petrack Park in Pahrump on June 19 says she was well acquainted with several homeless individuals who frequented there and often helped them with resources.

Robin Hebrock/Pahrump Valley Times
Bang for your buck: Where to buy fireworks
Staff Report

Nye County is known for its many fireworks stores that typically peak around the Fourth of July holiday. If you’re looking to stock up on fireworks check out these local retailers:

  • Alamo Fireworks Megastore, 5360 US-95, Amargosa Valley
  • Area 51 Fireworks, 1381 Highway 372
  • Blackjack Fireworks, 1181 S. Highway 160
  • Phantom Fireworks of Pahrump, 921 S. Highway 160, Suite 501
  • Red Apple Fireworks, 3640 S. Highway 160
  • Outlaw Pyro, 2280 W. Betty Ave.
Robin Hebrock/Pahrump Valley Times Located on the lot next door to the Pahrump DMV, this buildi ...
Here’s when MediWaste is expected to discuss its contentious plans
By Robin Hebrock Pahrump Valley Times

When word of the proposal to establish a medical waste disposal operation in the heart of town reached Pahrump residents’ ears, it sparked a flash of public opposition and demands that the Nye County Commission step in to address the issue.

John Clausen/Pahrump Valley Times The Fourth of July Parade is expected to see a large turnout ...
Want some fun for 4th of July? Here’s where to find it
By Robin Hebrock Pahrump Valley Times

There will be no excuse for boredom in Pahrump this coming holiday, with a variety of Independence Day activities scheduled that the whole family is sure to enjoy. From a patriotic procession that morning and family festival in the afternoon to a fantastic fireworks display that night, Fourth of July will be a fun-filled celebration of America’s birthday.