Acquire family-owned, local community newspapers that have a strong, reputable brand and editorial presence in the communities they serve.
Target revenue size $1MM to $5MM with an operating margin of 5-10%. We will consider smaller and larger acquisitions if there’s alignment with our strategy.
Target enterprise valuation for acquisitions is 2X to 3X cash flow with reasonable allowance for seller adjustments. Open to assessing value based on a % of revenue.
Tuck-in acquisitions in established markets as long as net income is accretive day one.