The American arm of the Macquarie Media Group has expanded its presence in the United States by acquiring two companies worth $182 million.
MMG said its acquisition of the Chesapeake Publishing Corporation and the Brown Publishing Company will 33 new mastheads to its American Consolidated Media business, taking the total number of publications to 104, in 18 regional markets.
The purchase will be wholly debt-funded and is expected to add to earnings in this financial year.
"This is a positive development for ACM," MMG chief executive Mark Dorney said in a statement released to the market.
"Chesapeake and Brown are attractive media properties that match the quality of the existing ACM portfolio.
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