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New Media to buy Austin American-Statesman for $47.5M

New Media Investment Group Inc. agreed to buy the Austin (Texas) American-Statesman and related assets from Cox Media Group Inc. for $47.5 million.

The Austin American-Statesman has daily circulation of 85,000 and its companion websites average more than 13 million page views per month.

The transaction, which is expected to close early in the second quarter, will be funded with cash on the balance sheet and will be immediately accretive to free cash flow, New Media Investment said March 6.