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New Media to buy The Palm Beach Post, Palm Beach Daily News for $49.3M

New Media Investment Group Inc. agreed to buy The Palm Beach (Fla.) Post and the Palm Beach Daily News from Cox Media Group Inc. in a deal worth about $49.3 million.

The acquisition, which also includes several niche publications and companion websites, is expected to close in the second quarter.

The Palm Beach Post has a daily circulation of nearly 80,000 and 102,000 on Sundays, while sister publication The Palm Beach Daily News, also known as The Shiny Sheet, has been published for 120 years. The Shiny Sheet is printed daily from October to May and twice weekly during the summer, with a daily circulation of more than 4,500.

Earlier this month, New Media announced an agreement to purchase another Cox property, the Austin (Texas) American-Statesman and related assets for $47.5 million.