Fortress Capital swallows Halifax Media Group for $280 million
MARK SCHUMANN
In its March issue, Florida Trend magazine reported Fortress Capital, owners of All Aboard Florida, bought the Halifax Media Group. With the purchase, completed in November of last year, give Fortress controls 19 Florida newspapers.
Florida Trend: Flipping newspaper ownership
Between March 2010 and late last year, Halifax Media Group spent more than $160 million amassing a portfolio of 36 newspapers, including 19 in Florida. The company augmented its first acquisition, the Daytona Beach News-Journal, which it bought for $20 million, with two bigger acquisitions in 2012: The $143-million purchase of the New York Times Regional Newspaper Group’s 16 papers, including five in Florida; and 19 papers Halifax bought for an undisclosed amount from the Freedom Communications chain, including 10 in northwest Florida. After the purchases, Halifax CEO Michael Redding proclaimed that he believed “in the future of newspapers.” But apparently another company believes in that future even more. In November, New Media Investment Group announced a deal to buy Florida-based Halifax, using $280 million in cash and borrowed money.
Indian River Guardian 