GoLocalProv is reporting that GateHouse Media is on the verge of buying The Providence Journal for an estimated $50 million to $60 million. John Henry only paid $51 million for The Boston Globe if a GoLocalWorcester report that he sold the Telegram & Gazette of Worcester for $19 million is accurate (Henry paid $70 million for the Globe, the T&G and some smaller related properties).
This story is still developing. But GoLocalProv offers some insight as to why the price might be so high: lucrative printing contracts and a highly desirable downtown headquarters that could be sold and leased back.
Correction: I initially misreported the purchase price of the Globe. Apologies to Matt Drudge for the siren.
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