A Parsippany-based company has purchased four weeklies in Massachusetts, bringing total local news acquisitions since 2020 to 71 newspapers in twelve states.
CherryRoad Media entered the news business in late 2021. It is led by Jeremy Gulban, a 47-year-old Denville resident and unaffiliated voter who is also the CEO of a software modernization company, CherryRoad Technologies.
About two dozen of the sales to CherryRoad Media were made by Gannett, the struggling national newspaper chain that lost some of its smaller properties.
“It’s one of the ways we give back to our community by acquiring media houses that add so much value to our daily lives but suffer from the brunt of the digital age by losing subscriptions,” Gulban said in a statement posted on its website. “CherryRoad has a proven track record of enabling technologies that play an important role in the ‘digital fabric’ of the community and we will use this insight to enhance the online experience of these media assets.”
The company did not purchase any New Jersey newspapers. Gannett owns 31 weeklies across the state, though newspapers like the Montclair Times, Ridgewood News, Nutley Sun and Item of Millburn and Short Hills no longer resemble the kind of terrific journalism that has won them multiple awards.
There is no indication that any of the New Jersey Gannett weeklies are for sale.
CherryRoad Media newspapers are located in Alabama, Arkansas, Colorado, Iowa, Kansas, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, Oklahoma and Texas.
After losing $54 million in the second quarter of 2022, Gannett announced major cost-cutting measures that included about 400 layoffs. Just ten days into the third quarter, Gannett’s stock is now at $2.14 per share, down from $6.18 per share seven months ago.