The Hoffmann Family of Cos., one of the most prolific buyers of businesses in the region, is getting into the newspaper and media business.
The Naples-based company is acquiring Florida Media Group LLC, publishers of nine newspapers with a combined circulation of more than 220,000 weekly readers, according to a statement. Financial terms of the deal, to take place July 1, weren’t disclosed.
The Florida Media Group portfolio of newspapers includes The Ave Maria Sun, Bonita Springs Florida Weekly, Babcock Ranch Telegraph, Charlotte Florida Weekly, Fort Myers Florida Weekly, Key West Florida Weekly, Naples Florida Weekly, Palm Beach Florida Weekly and Wellen Park Journal. The company also publishes digitally and on social media.
Geoff Hoffmann, co-CEO Hoffmann Family of Cos., says the company sees opportunity in local media. “There has been an absence in small town media,” Hoffmann says in the release. “The high school basketball team or the local little league and mom-and-pop businesses don’t get as much coverage, if any. It’s a staple to the community, and we’re going to bring it back and maintain it in as many places throughout the country as we can.”
The acquisition, the release states, also forms the Hoffmann Media Group, led by CEO Pason Gaddis, a 28-year veteran in legacy and digital media and a former business executive for Gannett. Hoffmann Media Group plans to expand quickly throughout the United States in smaller communities that have lost their hometown news, or acquire struggling newspapers that might not be able to maintain their legacy format anymore, the release states.
“We are actively seeking opportunities throughout Florida and the US to bring more papers into the Hoffmann Media Group,” Gaddis says in the release. “Through economies of scale, we can work together to maintain these essential news sources so many small communities rely on.”
The existing Florida Media Group staff of more than 75 publishers, editors, writers and employees will all remain on under the new company formation. In addition to print and news, Hoffmann Media Group also offers digital services such as targeted online advertising, SEO, website design and other services.
The Hoffmann Family of Cos., founded by David and Jerri Hoffmann, has 35 businesses in Southwest Florida, with some 2,000 employees. The list includes Hertz Arena, Naples Princess Cruises and The Old Collier Golf Club. This is in addition to having business interests in more than 240 locations across 21 countries. The family business also includes a commercial landlord component, with significant property holdings in Avon, Colorado; Winnetka, Illinois; and Naples.