NEW YORK--(BUSINESS WIRE)--
New Media Investment Group Inc. (“New Media” or the “Company”, NYSE: NEWM), one of the largest publishers of locally based print and online media in the United States as measured by number of publications, announced today that it has entered into an agreement with Kabbage, a pioneering financial services, technology and data platform serving small businesses. This alliance is intended to bring awareness of simple access to working capital through Kabbage’s fully automated online lending platform to more than five million small and medium sized businesses (SMBs) that do business in New Media’s markets.
New Media’s footprint covers over 550 local communities where SMBs often struggle to find access to capital. UpCurve, New Media’s SMB services business, is focused on bringing products and solutions to SMBs that help to solve for pain points that they face, including by helping to expand their access to capital. Bringing awareness of Kabbage and its online lending platform to New Media markets immediately broadens the capital sources these SMBs have traditionally had available to them. This alliance will provide New Media an opportunity to share in the revenue growth Kabbage may experience as it increases its 130,000 customer base in these new markets.
Providing access to more than $4 billion to date, customers use Kabbage funding to build and grow their businesses by supporting cash flow needs and marketing, purchasing equipment and inventory, making long-term investments, and hiring, leading to the creation of more jobs and investment into local communities and the overall economy.
“New Media is committed to helping make its communities stronger, and one of the best ways to do that, in addition to strong local journalism, is through supporting small businesses,” said Michael E. Reed, New Media President and Chief Executive Officer. “Through our work at UpCurve, we know that access to capital is a common pain point among our SMB partners. Kabbage has created a simple and seamless process for business owners to solve for that need and we hope to connect SMBs in our markets to Kabbage through our alliance.”
About New Media Investment Group Inc.
New Media supports small to mid-sized communities by providing locally-focused print and digital content to its consumers and premier marketing and technology solutions to its small and medium business partners. The Company is one of the largest publishers of locally based print and online media in the United States as measured by our 142 daily publications. As of December 31, 2017, New Media operates in over 565 markets across 38 states reaching over 22 million people on a weekly basis and serves approximately 215,000 business customers.
For more information regarding New Media and to be added to our email distribution list, please visit www.newmediainv.com.
Forward-Looking Statements
Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding New Media’s ability to bring awareness of potential funding sources to SMBs in its markets, SMBs ability to access capital and other potential benefits of the alliance. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties. These and other risks and uncertainties could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond our control. The Company can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Furthermore, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
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