Adams MultiMedia, a Minnesota-based company, jointly announced with the Cedar Rapids Gazette that it will purchase the newspaper company, along with 11 other community media titles in Iowa, on Tuesday.
The agreement between Tom Pientok, president and CEO of Folience, Inc., and Mark Adams, president and CEO of Adams MultiMedia, is expected to be finalized by Dec. 1. According to a press release, most Gazette employees plan to join Adams MultiMedia.
According to the press release, the Gazette was founded in 1883 and has maintained independence in ownership throughout its 143-year history. The Gazette publishes three days a week in print, and in 2012, the paper became 100 percent employee owned. The Gazette has the second largest circulation in Iowa, according to its website.
In 2017, Folience, the Gazette’s parent company, was formed. Folience is an employee-owned portfolio of companies and serves to own companies, not to buy or sell products itself.
“Media companies across the country are facing unprecedented challenges, and local journalism is no exception. We’ve been incredibly fortunate to have some of the most dedicated, talented, and award-winning journalists delivering exceptional coverage to our community for more than 140 years,” Pientok said in a news release.
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Adams MultiMedia, formerly known as Adams Publishing Group, is a family-owned community media company. Adams MultiMedia has over 120 publications and digital platforms across 19 states, according to the news release.
“We’ve considered dozens of news organizations in recent years, and I can say with utmost confidence that very few have come with the credibility and promise that we have here today,” Mark Adams said in a prepared statement to Gazette staff Tuesday. “The Gazette and its commitment to serving the local community, strong journalism, and unmatched local business relationships, was a no-brainer for us.”
Nick Monico, chief operating officer for Adams MultiMedia wrote in an email statement to The Daily Iowan the similarities between the two organizations were what motivated the purchase.
“The culture at the Gazette was nicely aligned with Adams. Strong journalism and a passion for the future of local news were key. The business community and relationship with the news organization were also important,” Monico wrote.
Also included in the sale are 11 other community newspapers and three advertisement-based community shopper publications:
- The Southeast Iowa Union
- Hometown Current
- Washington Evening Journal
- Mount Pleasant News
- Fairfield Ledger
- Marengo Pioneer Republican
- Williamsburg Journal Tribune
- Poweshiek County Chronicle Republican
- Winfield Beacon- Wayland News
- New London Journal
- Pekin Clarion Plainsman
- The Pennysaver
- Hometown Marketplace
- Southeast Iowa Shopper