Schurz Communications announces sale of publishing division
Schurz Communications, a privately held communications company formed in 1872, has announced its intention to sell its publishing division to GateHouse Media, LLC and will continue investing in the areas of cloud and managed IT services and broadband operations.
GateHouse Media, one of the largest publishers of locally based print and online media in the United States, is expected to assume ownership – during the first quarter – of 20 regional papers and several special publications in Indiana, Maryland, Michigan, Pennsylvania and South Dakota.
"Our leadership team, Board of Directors and ownership group are dedicated to helping the company stay true to its roots of fostering communication and connections while charting a successful course for the future," said Todd Schurz, president and chief executive officer at Schurz Communications.
He said, "This is a natural next step forward in our evolution as a company given our mission to help solve challenges by linking people, businesses and communities. We will continue to explore the types of investments that support our commitment to technology and anticipate adding new employees to our team and new companies to our portfolio in the near future."
Schurz Communications' technology focus began with the purchase of four broadband companies and the company is currently poised to complete the purchase of a fifth. In February 2018, Schurz Communications subsequently announced that it had acquired leading compliant hybrid cloud provider, Online Tech, LLC. An additional investment in the cloud infrastructure assets of Neverfail was announced in December 2018 and highlighted the company's interest in expanding Online Tech's presence on a global scale.
Moorgate Securities, LLC acted as exclusive financial adviser to Schurz Communications in connection with this transaction.