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Providence Journal sale to Gatehouse parent closes

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News,Business

PROVIDENCE, R.I. (AP) — A.H. Belo Corp. has completed its sale of The Providence Journal for $46 million to the parent of Gatehouse Media.

Dallas-based A. H. Belo announced on Wednesday that the sale had closed. New York-based New Media Investment Group Inc. purchased the assets of the newspaper and its production facility in Providence.

The Journal reported that about 7 percent of the newspaper's 350 employees were laid off on Tuesday ahead of the closing.

The newspaper's headquarters in downtown Providence was not sold, but New Media has signed a one-year lease for the building.

The Journal is Rhode Island's largest newspaper. It reports it has an average daily circulation of about 74,000 and an average 99,000 on Sunday.

It was first published in 1829 and has won four Pulitzer Prizes.

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