GateHouse parent says it has identified $150M to $300M in potential media deals - Northwest Georgia News: Home

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GateHouse parent says it has identified $150M to $300M in potential media deals

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Posted: Friday, March 28, 2014 4:45 pm

Fortress Investment Group co-founder Wes Edens raised a few eyebrows last September when he told investors that a new version of GateHouse Media was aiming to make $1 billion in acquisitions.

To me, this seemed like an exaggerated sales pitch, used to help  promote an unusual restructuring that Edens and his team had engineered for GateHouse.

Part of that restructuring involved taking GateHouse in and out of bankruptcy court, to unshackle itself from the debt it accumulated while buying up community papers with Fortress' backing before the economy imploded. I heard from current employees and former employees (As a former editor at The Patriot Ledger, I fall into the latter category) who were at least a little bit skeptical of this $1 billion goal.

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