Albert K. Sherman Jr. and family agreed to sell substantially all of the assets of the Edward A. Sherman Publishing Company, which publishes the Newport (R.I.) Daily News and other publications in a transaction in which they were represented by Dirks, Van Essen & Murray, a media merger and acquisition firm based in Santa Fe, N.M.
The buyer was New Media Investment Group Inc., the parent of GateHouse Media.
Sherman Publishing Company publishes the 171-year-old Newport Daily News as well as two weekly newspapers—The Independent and the Mercury—and several magazines.
Albert K. “Buck” Sherman, Jr., the retired publisher, said, “The Daily News has been a family calling for four generations, but the time has come for a change. New Media and its affiliates have resources that will help our papers and staff transition into the future, and I am sure they will be good stewards of all we have built here.”