This week, Long-Island-based Newsday
Media Group announced it will sell its free daily paper amNewYork to Schneps Media. The sale is set to close October 11. Financial terms were not disclosed.
Schneps plans to continue to publish the newspaper with an eye toward expanding through events programming and broadcasting.
“We are looking forward to enhancing amNewYork’s brand through our expertise in multiplatform media including print, digital, events, social media and broadcasting platforms,” stated Joshua Schneps, Schneps Media copublisher-CEO, in the New York Post.
amNewYork was launched in 2003 by Russel Pergament and aimed at the train and subway commuter audience. It claims to have Manhattan’s highest daily circulation among newspapers and counts nearly 1 million unique visitors to its website monthly.
However, like The Washington Post’s Express, which was shuttered last month, amNewYork saw a decline in its ad base and circulation, due to mobile phones. One source told the New York Post the paper was estimated to be losing around $5 million a year.
Schneps owns 33 newspapers, 28 magazines and specialty publications and 20 websites. It also produces podcasts and hosts 50 annual events. It counts the Queens Weekly, Bayside Times, The Villager, Long Island Press and the Spanish-language paper Noticia Long Island among its portfolio of publications.
Newsday plans to focus its attention on “serving Long Islanders with news, information and experiences as we continue to expand our multimedia products and platforms,” publisher Debby Krenek stated.
Last summer, Newsday offered voluntary buyouts to its staff as it prepared to transform “from a traditional newspaper into a leading-edge multimedia and multiplatform content generation machine, with expanded video, exciting live events and experiences for subscribers.”
The operation also moved into new, smaller headquarters in a business park from its former headquarters of four decades.