Business

Providence Journal sold for $46 million

PROVIDENCE, R.I. (AP) — The parent company of Gatehouse Media has announced an agreement to buy The Providence Journal and related print and digital assets for $46 million.

New York-based New Media Investment Group Inc. said Tuesday it expects to complete the deal in the third quarter.

New Media is buying the newspaper and its related print and digital assets from A. H. Belo Corporation, which announced in December that it was exploring a sale of Journal.

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New Media President and CEO Michael Reed said ‘‘we are very excited to welcome the paper, its employees and the community into the growing New Media family.’’

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Jim Moroney, chairman, president and CEO of A.H. Belo, said ‘‘we are confident that New Media will continue the great journalistic tradition’’ of the Journal, which it has owned for 17 years.

The announcement said the Journal, first published in 1829, has a daily circulation of about 72,000 and 96,000 on Sunday.