The Cedar Rapids Gazette is
being acquired by Adams MultiMedia (AMM), the Gazette announced.
The deal, which also includes 11 community newspapers and three shopper publications, is expected to be closed by
December 1. Most Gazette employees will join Adams MultiMedia at that time.
The terms were not disclosed.
Founded in 2014, Adams Publishing owns more than 120
newspapers and over 220 media-related and associated digital products in 19 states. It is based in Minnesota.
The Gazette, founded in 1883, is now part of Folience, Inc., an
employee-owned group. The Gazette publishes a daily digital edition and three print issues per week.
The purchase agreement was signed by Tom Pientok, president & CEO of
Folience, Inc. and Mark Adams, president and CEO of Adams MultiMedia.
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AMM will enhance the Gazette’s digital content and expand its digital marketing and advertising
services for local businesses.
“Media companies across the country are facing unprecedented challenges, and local journalism is no exception,” Pientok says in a statement.
Pientok adds, “In today’s environment, sustaining a 100% independent newspaper has become increasingly difficult.”