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NEWM - New Media Might Be Just Too Cheap After Puzzling Post-Acquisition Sell-Off
New Media Investment Group Inc.
I've been a bear on New Media Investment Group (NEWM) for some time. My core reason for being skeptical of - and, on occasion, short - the stock is that its model of acquiring declining newspapers seemed almost illogical on its face. In fact, as I've pointed out before, that exact same strategy drove the company's predecessor, GateHouse Media, into bankruptcy.
There perhaps is a way that strategy can work - if management focuses on free cash flow and on returning that cash flow to shareholders as soon as possible. New Media instead