American Consolidated Media

American Consolidated Media (ACM) was a United States publishing company focused primarily on daily and weekly newspapers, along with shopper-style advertising publications. Its portfolio was concentrated in regional and community markets rather than national media. At the time Macquarie Group acquired the company in 2007, ACM owned 40 newspapers and related products in Texas and Oklahoma. That portfolio included five daily newspapers—the Alice Echo-News Journal, Brownwood Bulletin, Miami News-Record, Stephenville Empire-Tribune, and Waxahachie Daily Light—alongside 19 weeklies and 16 shopper publications. The company expanded substantially during 2007 through a series of acquisitions. It purchased 11 publications in Ohio from Brown Publishing Company, 22 publications in Maryland from Chesapeake Publishing, and 19 publications associated with Superior Publishing in northern Minnesota, Wisconsin, and Michigan from MCG Capital. These transactions created a geographically dispersed community-newspaper group operating under regional divisions commonly identified as ACM-Ohio, ACM-Chesapeake, ACM-Superior, ACM-Southwest, and ACM-Valley. At its largest, ACM published approximately 100 daily and weekly newspapers. Macquarie Group acquired American Consolidated Media for a reported $80 million in 2007 from a group of investment firms that included Halyard Capital, Arena Capital Partners, several New York private-equity funds, and BancBoston Ventures. The company later encountered financial difficulties. In 2009, ACM violated a loan agreement valued at $133.7 million. In 2010, lenders took control of the company from Southern Cross Media Group, a Macquarie subsidiary. The creditor group included Australia and New Zealand Banking Group, CIT Group, GE Commercial Finance, Macquarie Bank, National Australia Bank, and Royal Bank of Canada. ACM ultimately exited the newspaper business through a sequence of sales in 2014. In March, it announced the sale of its ACM-Superior, ACM-Ohio, and ACM-Chesapeake regional groups to Adams Publishing Group. Together, those groups comprised 34 publications. In July, ACM sold its Texas, Oklahoma, and Kansas newspapers, organized as ACM-Southwest and ACM-Valley, to New Media Investment Group. That transaction was described as the company's final divestiture. Following the sale of these operating assets, American Consolidated Media no longer functioned as an active newspaper publisher and is treated as a defunct or divested media company.

American Consolidated Media developed as a regional United States newspaper publisher assembled through acquisitions. Before Macquarie Group's ownership, the company was controlled by a group of investment firms that included Halyard Capital, Arena Capital Partners, several New York private-equity funds, and BancBoston Ventures. In 2007, Macquarie Group acquired ACM for a reported $80 million. The company then held 40 newspapers and related products in Texas and Oklahoma, including five daily newspapers, 19 weekly newspapers, and 16 shopper-style publications. ACM expanded its footprint during 2007. It acquired 11 Ohio publications from Brown Publishing Company, 22 Maryland publications from Chesapeake Publishing, and 19 publications of Superior Publishing in northern Minnesota, Wisconsin, and Michigan from MCG Capital. These acquisitions gave ACM a multi-state community-newspaper portfolio. Its operating groups became associated with the ACM-Superior, ACM-Ohio, ACM-Chesapeake, ACM-Southwest, and ACM-Valley names. At its peak, the company published about 100 daily and weekly newspapers, in addition to other local advertising products. The expansion occurred alongside increasing financial pressure. ACM violated a $133.7 million loan agreement in 2009. In 2010, lenders took control of the company from Southern Cross Media Group, a Macquarie subsidiary. The creditors identified in the available account included Australia and New Zealand Banking Group, CIT Group, GE Commercial Finance, Macquarie Bank, National Australia Bank, and Royal Bank of Canada. This change ended Macquarie's effective control and placed the newspaper portfolio under creditor ownership. The company was dismantled through sales in 2014. In March, ACM announced that Adams Publishing Group would acquire the ACM-Superior, ACM-Ohio, and ACM-Chesapeake regional groups, together comprising 34 publications. In July, ACM sold its Texas, Oklahoma, and Kansas papers, organized under ACM-Southwest and ACM-Valley, to New Media Investment Group. The latter transaction was characterized as ACM's final divestiture. With its newspaper assets sold, American Consolidated Media ceased to operate as an active publishing group.

1. 2014First major divestiture

   Adams Publishing Group acquired the ACM-Superior, ACM-Ohio, and ACM-Chesapeake groups, representing 34 publications.

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2. 2014Final newspaper divestiture

   New Media Investment Group acquired ACM's Texas, Oklahoma, and Kansas papers through the ACM-Southwest and ACM-Valley groups.

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3. 2010Lenders assume control

   A consortium of lenders took control of ACM from Southern Cross Media Group, a Macquarie subsidiary.

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4. 2009Loan agreement violation

   ACM violated a loan agreement reported at $133.7 million.

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5. 2007Macquarie Group acquires American Consolidated Media

   Macquarie Group bought ACM for a reported $80 million. At the time, ACM owned 40 newspapers and related products in Texas and Oklahoma.

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6. 2007ACM expands through three regional acquisitions

   ACM acquired publications in Ohio from Brown Publishing Company, in Maryland from Chesapeake Publishing, and in the Upper Midwest from MCG Capital.

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A regional community-newspaper publisher serving local markets through daily papers, weekly papers, and shopper-style advertising products.

• Daily newspapersNewspapers

  ACM's daily newspaper portfolio served local and regional communities in its operating states. Identified titles included the Alice Echo-News Journal, Brownwood Bulletin, Miami News-Record, Stephenville Empire-Tribune, and Waxahachie Daily Light. These papers formed part of the company's Texas and Oklahoma base before the 2014 divestitures.

• Weekly community newspapersNewspapers

  Weekly publications were a substantial part of ACM's community-media model. The company owned weekly papers across several regional groups, including markets in Texas, Oklahoma, Ohio, Maryland, Minnesota, Wisconsin, and Michigan. The weekly titles were sold as parts of the regional transactions completed in 2014.

• Shopper publicationsAdvertising publications

  ACM also published shopper-style products carrying local advertising and promotional content. Sixteen such products were identified in its Texas and Oklahoma holdings at the time of the 2007 acquisition. The available source does not establish individual launch dates or circulation figures.

• ACM-Valley publicationsLocal advertising publications

  The ACM-Valley group included publications such as Valley Bargain Book in Brownsville and Harlingen, Valley Town Crier in McAllen, Edinburg Review, and Laredo's Bargain Book and Ad Sack. These products were among the Texas assets divested to New Media Investment Group in 2014.

• 2014Sale of three regional newspaper groups to Adams Publishing GroupM&A

  ACM began disposing of its newspaper assets after the company had come under creditor control.

  What changed. ACM sold the ACM-Superior, ACM-Ohio, and ACM-Chesapeake groups, comprising 34 publications, to Adams Publishing Group.

  Aftermath. The transaction removed ACM's publications in the Upper Midwest, Ohio, and Maryland from its portfolio.

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• 2014Final sale of Southwest and Valley newspaper assetsM&A

  After selling three regional groups, ACM continued the process of exiting newspaper publishing.

  What changed. ACM sold its Texas, Oklahoma, and Kansas papers, organized as ACM-Southwest and ACM-Valley, to New Media Investment Group.

  Aftermath. The sale was described as ACM's final divestiture and ended its active newspaper-publishing operations.

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• 2007Macquarie acquisition and expansion strategyM&A

  Macquarie Group acquired ACM while it held a regional portfolio centered on Texas and Oklahoma.

  What changed. Macquarie purchased ACM and the company expanded through acquisitions in Ohio, Maryland, and the Upper Midwest.

  Aftermath. The acquisitions increased ACM's holdings to approximately 100 daily and weekly newspapers at its largest scale.

  Acquisition price. $80 million (2007)

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• 2014American Consolidated Media agrees to sell three regional newspaper groups

  ACM announced the sale of its ACM-Superior, ACM-Ohio, and ACM-Chesapeake groups, comprising 34 publications, to Adams Publishing Group.

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• 2014American Consolidated Media completes final newspaper divestiture

  The company sold its Texas, Oklahoma, and Kansas newspapers, including the ACM-Southwest and ACM-Valley groups, to New Media Investment Group.

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• 2010Creditors take control after American Consolidated Media loan default

  A group of lenders took control of ACM from Macquarie subsidiary Southern Cross Media Group after the company violated a $133.7 million loan agreement in 2009.

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1. American Consolidated Media