Company Overview

Third Quarter 2017

 Disclaimers & Notes
FORWARD-LOOKING STATEMENTS. Certain items in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, statements regarding our ability to deliver on our investment thesis and execute on our operational strategy, pursuing and completing future acquisitions and
strategic opportunities, the timing and availability of such opportunities and the benefits associated with such opportunities, expected revenue trends, including expectations for revenue growth,
our ability to continue to grow our dividend and deliver shareholder returns, improving our share price, our ability to generate same store revenue growth and organic same store revenue
growth, our ability to continue to grow As Adjusted EBITDA and Free Cash Flow, growing our digital business and revenues, including UpCurve, growing our events business and revenues,
growing our circulation revenues, realizing revenue from our pipeline of commercial print contracts, growing BridgeTower Media’s business and revenue, diversifying our revenue streams away
from traditional print media, expanding our digital opportunities with UpCurve and other products, our ability to manage and lower expenses, realizing cost synergies, our ability to repurchase
shares pursuant to the announced share repurchase program, and our ability to realize the benefits of tax assets. These statements are based on management's current expectations and beliefs and
are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond our
control. New Media (“NEWM”) can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from New Media’s expectations include, but
are not limited to, continued declines in advertising and circulation revenues exceeding what we have seen in the past 12 months, economic conditions in the markets in which we operate,
including natural disasters and other factors affecting economic conditions generally, competition from other media companies, the possibility of insufficient interest in our digital and other
businesses, technological developments in the media sector, an ability to source acquisition opportunities with an attractive risk-adjusted return profile, inadequate diligence of acquisition targets,
and difficulties integrating and reducing expenses at our newly acquired businesses. Accordingly, you should not place undue reliance on any forward-looking statements contained in this
Presentation. 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 which are available on the
Company’s website (www.newmediainv.com). In addition, 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(s) indicated in this
presentation. New Media 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.
Past performance. In all cases where historical performance is presented, please note that past performance is not a reliable indicator of future results and should not be relied upon as the basis
for making an investment decision. See “No offer to purchase or sell securities.” below.
No reliance, no update and use of information. You should not rely exclusively on the Presentation as the basis upon which to make an investment decision. The information in the Presentation
is provided to you as of the dates indicated and New Media does not intend to update the information after its distribution, even in the event that the information becomes materially inaccurate.
Certain information contained in the Presentation includes calculations or figures that have been prepared internally and have not been audited or verified by a third party. Use of different
methods for preparing, calculating or presenting information may lead to different results and such differences may be material.
No offer to purchase or sell securities. The Presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any security and may not be relied upon in connection with the
purchase or sale of any security. Any such offer would only be made by means of formal offering documents, the terms of which would govern in all respects. You are cautioned against using this
information as the basis for making a decision to purchase any security.
No tax, legal, accounting or investment advice. The Presentation is not intended to provide, and should not be relied upon for, tax, legal, accounting or investment advice. Any statements of
federal tax consequences contained in the Presentation were not intended to be used and cannot be used to avoid penalties under the Internal Revenue Code or to promote, market or recommend
to another party any tax related matters addressed herein.
Distribution of this Presentation. These materials are not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use is contrary to
local law or regulation.
Same Store and Organic Same Store Revenues. Same store results take into account material acquisitions and divestitures of the Company by adjusting prior year performance to include or
exclude financial results as if the Company had owned or divested a business for the comparable period. The results of several acquisitions (“tuck-in acquisitions”) were funded from the
Company’s available cash and not considered material. Organic same Store revenues are same store revenues adjusted to remove non-material acquisitions and non-material divestitures, and to
adjust for Commercial Print revenues that are now intercompany.
Non-GAAP measures. This Presentation includes references to non-GAAP measures, such as Adjusted EBITDA, As Adjusted EBITDA, Free Cash Flow, gross leverage, and net leverage. New
Media defines Adjusted EBITDA as net income (loss) from continuing operations before income tax expense (benefit), interest/financing expense, depreciation and amortization and non-cash
impairments. New Media defines As Adjusted EBITDA as Adjusted EBITDA before transaction and project costs, merger and acquisition related costs, integration and reorganization costs,
gain/loss on sale or disposal of assets, non-cash items such as non-cash compensation, and Adjusted EBITDA from non-wholly owned subsidiaries. New Media defines Free Cash Flow as As
Adjusted EBITDA less capital expenditures, cash taxes, interest paid and pension payments. New Media views As Adjusted EBITDA and Free Cash Flow as useful metrics to investors, analysts,
and management to measure operating performance of deployed revenue generating assets between periods on a consistent basis. We believe As Adjusted EBITDA and Free Cash Flow measure
our financial performance and help identify operational factors that management can impact in the short term, mainly our operating cost structure and expenses. New Media defines As Adjusted
Expenses as reported revenue less As Adjusted EBITDA. These calculations may differ among companies, and such calculations used by one company may not be comparable to such calculations
used by another company. See “Appendix” in this presentation for information regarding these non-GAAP measures, including reconciliations to the most directly comparable GAAP financial
measure.
1
New Media Overview

New Media supports small to mid-size communities by providing locally-focused print

and digital content to its consumers and premier marketing and technology solutions for our
small and medium business (SMB) partners

Community Focused Solutions SMB Solutions Provider

1.4M
PAID
SUBSCRIPTIONS

New Media Reach

Note: All figures are as of September 24, 2017. SMBs in our market based upon data from Hoover’s using newspaper asset zip codes.

2
Investment Highlights – Q3 2017 & Subsequent Events(1)

 Reported revenue was $317.2 million, down 6.4% on an organic same store basis, impacted in part by the
Continued hurricanes
Revenue
 Digital revenue grew 11.1% over prior year to $35.6 million, and represents 11.2% of total Q3 revenue
Diversification
 55% of LTM revenue now comes from stable or growing revenue categories, up from 52% for FY 2016(2)

 UpCurve revenue of $17.9 million increased 22.0% vs. prior year(3)

Continued  UpCurve revenue is now $66.3 million for the LTM period, representing 5.2% of NEWM total revenue
UpCurve Growth
 UpCurve Cloud revenue grew 74.9%; churn for this business is less than 10% and recurring revenue is over 65%

 Completed acquisition of Calkins Media for $17.5 million(4) on June 30, 2017
Robust  Completed acquisition of SC Biz News for $1.9 million(4) on June 30, 2017
Acquisition
Strategy  Completed acquisition of many of the newspaper and related assets of Morris Publishing Group for $120 million(4)
on October 2, 2017

 Declared a Q3 dividend of $0.37 per common share, an increase of 5.7% from the prior quarter

Secure  Closed on the extension of our term loan through July 14, 2022, upsized it by $20 million, and increased the
Capital Structure accordion availability to $80 million

 Liquidity of $200.5 million including undrawn revolver as of end of Q3(5)

1) As of October 19, 2017.
2) Stable and growing categories include our Digital and Subscription & Other categories.
3) Comparison to prior year reported Propel Business Services revenue.
4) Plus working capital.
5) $120.0 million was subsequently used for the Morris acquisition that closed on October 2, 2017.

3
New Media Investment Thesis

Strong shareholder value creation opportunity

 Portfolio of trusted local media brands that have been published, on average, for over 100 years
Strong and
Consistent  LTM As Adjusted EBITDA margins of 12.2% with strong LTM Free Cash Flow conversion at 74.6%(1)
Cash Flow
 Over $200 million of NOLs to shield future cash flows(2)

 Leveraging our local media assets to develop UpCurve, our SMB solutions platform, and GateHouse Live, our
events business
Commitment to
Growth  Accretive strategic acquisitions; fragmented and out of favor sector

 Leveraging our print and distribution assets to win commercial contracts from third parties

 Balanced capital allocation strategy

Return of
 Dividend payer – increases for four consecutive years, up 37% since spin
Capital
 Share repurchase program – authorized to repurchase up to $100 million through May 17, 2018

1) LTM As Adjusted EBITDA margin calculated as LTM As Adjusted EBITDA of $156.7 million divided by LTM Revenue of $1,281.2 million. Free Cash Flow conversion
calculated as LTM Free Cash Flow of $117.0 million divided by LTM As Adjusted EBITDA of $156.7 million.
2) Approximately $90 million of the NOLs are subject to IRC 382 limitations and, therefore, $17.1 million can be deducted annually. Approximately $110 million of the
NOLs are unrestricted and available for immediate use, if necessary.

4
Successful Execution of our Strategy since Spin
Organic Growth
Diversify revenue base to
create organic revenue and
cash flow growth
Acquisitions
Out of favor and fragmented
industry has created
attractive pricing for assets
Pay Dividend
Return a meaningful portion
of free cash flow to
shareholders
Refer to page 16 for footnotes.
 Diversified away from Traditional Print revenue(1) which was 56% of total revenue in FY 2013 to
45% of total revenue for LTM Q3 2017
 Growth of UpCurve(2) revenue from $6.4 million in FY 2013 to $66.3 million for LTM Q3 2017
 Launched GateHouse Live in 2015 which is on track for $15 million in revenue in 2017(3)
 Completed $874.8 million(4) of acquisitions to date
 Purchase price has averaged 4.0x the seller’s LTM As Adjusted EBITDA(5)
 Average unlevered yield of 23%(6) and average levered yield of 28%(7), before synergies
 Declared a Q3 dividend of $0.37 per common share, an increase of $0.02, or 5.7% from the prior
quarter
 Dividend has been raised for four consecutive years and over 37% since spin
 Liquidity, consisting of cash on the balance sheet and undrawn revolver, of $200.5 million(8) as of
the end of Q3
5
Strong and Consistent Cash Flows

Strong growth since New Media spin in February 2014

Revenue As Adjusted EBITDA

($ in millions) ($ in millions)
26%
CAGR

$1,294 20%
$1,255
$1,196 CAGR

$162 $163
$156

$652
$89
$517 $79

(1) (1)
FY2013 FY2014 FY2015 FY2016 FY2017E FY2013 FY2014 FY2015 FY2016 FY2017E

1) FY 2017 Analyst Estimates Consensus ending December 31, 2017. There can be no assurance that we will achieve FY2017E revenue or FY2017E As Adjusted EBITDA.
6
Organic Growth Initiatives

Investments into our platform to generate organic growth

 LTM revenue of $66.3 million is a 42.0% increase to prior LTM period(1)

 UpCurve Cloud revenue up 74.9% to prior year
 Google Premier SMB Partner and SugarCRM Global Partner of the Year for 2017

 Targeted 2017 revenue more than doubling from prior year to ~$15 million (2)
 171 events have been held through the end of Q3
 Expecting to hold 240 events by the end of the year(3)

 Q3 digital subscriber growth of 47% over prior year to 68k+

Consumer Revenue  Using detailed analytics and algorithms to implement targeted price increases
 Implementing centralized call center focused on customer service and subscriber retention

 Modest circulation growth in the quarter

 Success with diversity events in Q3 is leading to expansion across more markets
 Strengthening digital trends with product expansion into video

 Q3 As Adjusted EBITDA increased 0.4% to prior year

Cash Flow Growth  Q3 Free Cash Flow increased 1.6% to prior year
 Continued focus on expense management

See “Disclaimers and Notes” at the beginning of this Presentation.

1) UpCurve was formerly reported as Propel Business Services.
2) Assuming midpoint of target revenue on page 17. There can be no assurances that we will achieve such revenues.
3) Booked events are subject to cancellation, therefore, there can be no assurances that we will realize revenue from booked events.

7
 UpCurve – Business Solutions for Stronger Growth
ThriveHive ThriveHive
UpCurve Total Revenues(1)
Active Customers(1,2) Top Customer Verticals(1)
($ in thousands) (in thousands)
22.0% 2.6% Professional Services 19%
$17,900 9.1
8.9
Home Services 19%
$14,700 $3,600
$2,100 Healthcare & Education 18%

Other 14%

$14,300 Recreation 14%

$12,600
Automotive 13%

Real Estate 4%
Q3 2016 Q3 2017 Q3 2016 Q3 2017
ThriveHive UpCurve Cloud

UpCurve Cloud Highlights(3)

1) Revenue, active customers, and top customer verticals are rounded and are as of Q3 2017. UpCurve was formerly known as Propel Business Services and ThriveHive
was formerly known as Propel Marketing.
2) Active customers excludes AdEnhance customers.
3) Licenses, annual churn, and recurring revenue data as of Q3 2017.
8
UpCurve Revenues

Strong UpCurve Revenues projecting 81-85% CAGR from FY 2013 through FY 2017E(1)

($ in millions)

81-85%
CAGR(1) $75.0

$70.0

$53.0

$31.3

$18.5

$6.4

FY2013 FY2014 FY2015 FY2016 FY2017E

1) Assumes the low- and high-ends of the target revenue range shown on page 17. There can be no assurances that UpCurve will achieve FY2017E revenue target.
9
Recent Deal Activity – Q3 2017 and Subsequent Events(1)
 In Q3, New Media closed on the acquisitions of Calkins Media Group and SC Biz News for $17.5
million and $1.5 million, respectively(2)
 Both purchases were within the Company’s stated acquisition range of 3.5x-4.5x seller’s LTM As Adjusted
EBITDA
 Subsequent to the quarter, New Media closed on its previously-announced acquisition of many of the
newspaper and related assets of Morris Publishing Group for $120.0 million(2)
 The purchase was within the Company’s stated acquisition range of 3.5x-4.5x seller’s LTM As Adjusted
EBITDA

Morris Publishing Group Overview

 For over 80 years, the Morris family has managed a portfolio of 79 publications, including 11 daily
newspaper spanning six states
 Florida
 Texas
 Kansas
 Alaska
 Arkansas
 Georgia

1) As of October 19, 2017

2) Plus working capital.

10
Historical Acquisition Review


Target dominant providers of New Media Acquisition Date Closed Purchase Price(2)
($ in mms)
local news in small to mid-size
markets with established brands Q4 2017 $120.0

Q3 2017 $17.5

21 $874.8mm
Local media Q3 2017 $1.9
Total gross purchase
acquisitions
price of acquisitions(2)
completed to date(1) Q1 2017 $21.2

8 Transactions 2016 $123.2

Avg. unlevered yield(4)
4.0x 23% 4 Transactions 2015 $434.7
Average LTM As Avg. levered yield(5)
Adjusted EBITDA(3)
28% 5 Transactions 2014 $74.3

1 Transaction 2013 $82.0

~$80mm Robust pipeline for Total Gross Purchase Price(2) $874.8

Pro-Forma future acquisitions
Liquidity(6)

Refer to page 18 for footnotes.

11
Capital Allocation Update
 NEWM share price has significantly outperformed its peers over the last twelve months
 New Media 1 year total return of 16.3% versus peer group average decline of 25.3%(1)
 NEWM has $200.5 million of liquidity as of September 24, 2017(2)
 $120.0 million was utilized to close the Morris acquisition on October 2nd, which left ~$80 million in pro-forma cash
and revolver available. Additional $80 million available through accordion to credit facility.
 Increased the dividend 5.7% from prior quarter to $0.37 per share, which annualizes to $1.48
 Dividend growth of over 37% since spin(3)
 NEWM dividend yield is at 8.9% vs 6.9% within our peer group(4)
 Over $200 million of NOLs to shield future cash flows(5)

NEWM YTD Stock Performance vs. Peers(1,6) Cumulative Common Dividend Since Spin-off
120 NEWM Total LTM Return : 16.3%
Dividend raised 4x since inception $4.59
110 once per year since spin $4.22
$3.87 $0.37
106.8 $0.35
$3.52
$3.17 $0.35
100
$2.82 $0.35
$2.49 $0.35
$2.16 $0.33
90 $0.33
$1.83
$1.50 $0.33
$1.17 $0.33
80 $0.33
$0.84
$0.54 $0.33
72.6 $0.27 $0.30
70 $0.27
$0.27

60 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 '14 '14 '14 '15 '15 '15 '15 '16 '16 '16 '16 '17 '17 '17

NEWM Pure Play Newspaper Cumulative Dividend Quarterly Dividend

Refer to page 19 for footnotes.

12
Q2 2017 Financial Overview

13
Q3 2017 Results and Non-GAAP Highlights(1)
 Total revenues of $317.2 million were 3.4% ahead of prior year
 On an organic same store basis, revenue decreased 6.4% vs. prior year
 Negatively impacted in September by the hurricanes in Texas and Florida
 As Adjusted EBITDA of $37.1 million, inclusive of the negative impact in September of approximately $1
million from the hurricanes
 Free Cash Flow of $27.3 million, inclusive of the negative impact in September of approximately $1 million
from the hurricanes
 Driven by $6.2 million(2) of charges from our credit facility amendment and consolidation of press equipment
 Excluding these items, the Company’s result was $4.2 million in Net income

GAAP Results Non-GAAP Actual Highlights(1)

($ in millions) ($ in millions)
Q3 2017 Q3 2017

Revenues $ 317.2
Revenues $ 317.2
Traditional Print $ 137.6

Digital $ 35.6
Operating income $ 11.5
Subscription & Other $ 144.1

As Adjusted EBITDA $ 37.1

Net loss $ 2.0
Free Cash Flow $ 27.3

1) A reconciliation of non-GAAP highlights is located in the appendix of the presentation.

2) $6.2M of charges relates to the $4.8M of loss on extinguishment of debt, $0.9M of debt related costs recorded to interest expense, and $0.5M related to print consolidation
that was recorded to the loss on sale or disposal of assets.

14
Appendix

15
Footnotes – Successful Execution of our Strategy since Spin
1) Traditional Print revenue is defined as Local, Classified, & Preprints.

2) UpCurve was reported as Propel Marketing in the quarterly supplement for fourth quarter and FY 2013.

3) Assumes midpoint of target revenue on page 17. There can be no assurances that we will achieve such revenues.

4) Purchase price excludes working capital, except for Columbus Dispatch and Erie.

5) Represents total purchase price to average LTM As Adjusted EBITDA for 21 closed local media acquisitions.

6) Unlevered yield is calculated by subtracting capex and cash taxes from LTM As Adjusted EBITDA, and dividing the total into the total purchase price of the 21 closed local
media acquisitions of $863.0 million. The calculation assumes at acquisition LTM As Adjusted EBITDA of $213.5 million, capex of 1% of revenue (assuming a 15% EBITDA
margin), and cash taxes of $0.

7) Levered yield is calculated using the unlevered yield calculation described in footnote 6, and also subtracting debt payments for funding acquisitions from LTM As Adjusted
EBITDA, and dividing the total into the cash portion of the total purchase price. The calculation uses the same assumptions as footnote 6, debt payments for funding
acquisitions of $14.7 million (assuming a 7.25% rate on $203 million of debt) and the cash portion of the total purchase price of $660.0 million.

8) $200.5 million of liquidity includes $160.5 million of cash and $40.0 million of undrawn revolver as of September 24, 2017. $120.0 million was subsequently used for the Morris
acquisition that closed on October 2, 2017.

16
FY 2017 Revenue Targets(1)

($ in millions)
FY 2017

UpCurve Revenue $70 - $75

GateHouse Live Revenue $14 - $16

1) Target revenue is based on management's current expectations, assumptions and estimates. There can be no assurances that such revenues will be achieved.

17
Footnotes – Historical Acquisition Review
1) Excludes non local media acquisitions.

2) Purchase price excludes working capital, except for Columbus Dispatch and Erie.

3) Represents purchase price to average LTM As Adjusted EBITDA for 21 closed local media acquisitions.

4) Unlevered yield is calculated by subtracting capex and cash taxes from LTM As Adjusted EBITDA, and dividing the total into the total purchase price of the 21 closed local
media acquisitions of $863.0 million. The calculation assumes at acquisition LTM As Adjusted EBITDA of $213.5 million, capex of 1% of revenue (assuming a 15% EBITDA
margin), and cash taxes of $0.

5) Levered yield is calculated using the unlevered yield calculation described in footnote 4, and also subtracting debt payments for funding acquisitions from LTM As Adjusted
EBITDA, and dividing the total into the cash portion of the total purchase price. The calculation uses the same assumptions as footnote 4, debt payments for funding
acquisitions of $14.7 million (assuming a 7.25% rate on $203 million of debt) and the cash portion of the total purchase price of $660.0 million.

6) Consisting of cash on the balance sheet and undrawn revolver as of September 24, 2017, and adjusting for the $120.0 million paid for the Morris acquisition that closed on October
2, 2017.

18
Footnotes – Capital Allocation Update
1) NEWM’s total return calculated using a share price of $15.68 as of October 19, 2017, $14.68 as of October 19, 2016 and $1.40 dividend per share as of Q3 2017. Peer group
average includes MNI, LEE, TRNC, GCI, and AHC. Peer group total return average calculated by using the following share prices as of October 19, 2017: MNI $7.58, LEE
$2.30, TRNC $15.19, GCI $9.45, and AHC $4.53, the following share prices as of October 19, 2016: MNI $18.36, LEE $2.90, TRNC $16.70, GCI $10.75, and AHC $7.10, and a
cumulative LTM dividend per share of $0.64 for GCI and $0.32 for AHC as of Q3 2017. Note AHC and GCI are the only peers that currently pay a dividend.

2) $200.5 million of liquidity includes $160.5 million of cash and $40 million of undrawn revolver.

3) NEWM may not be able to pay dividends in accordance with our announced intent or at all. See “Disclaimers and Notes” at the beginning of this Presentation.

4) Source: CapIQ. Newspaper peers that currently pay a dividend are AHC and GCI. Average dividend yield is based on share prices as of October 19, 2017.

5) Approximately $90 million of the NOLs are subject to IRC 382 limitations and, therefore, $17.1 million can be deducted annually. Approximately $110 million of the NOLs are
unrestricted and available for immediate use, if necessary.

6) Source: CapIQ. Price as of October 19, 2017.

19
New Media Diversified Revenue

($ in millions) Q3 2017 Q3 2017

$ %

Traditional Print

Local $57.4 18.1%

Classified $46.2 14.6%

Preprints $34.0 10.7%

Total Traditional Revenue $137.6 43.4%

Digital

Digital Advertising $16.8 5.3%

UpCurve(1) $17.9 5.7%

Transactions & Other $0.8 0.3%

Total Digital Revenue $35.6 11.2%

Subscription & Other

Circulation $112.8 35.6%

Commercial Print, Distribution, & Events $31.2 9.9%

Total Subscription & Other Revenue $144.0 45.4%

Total Revenue $317.2 100%

Note: Small discrepancies may exist due to rounding of revenue or percentage categories.
1) UpCurve was formerly reported as Propel Business Services.

20
Debt & Leverage Overview

($ in millions)
Ending Balance as of
Rate
September 24, 2017

Term Loan B Libor +6.25%, 1.0% floor $362.2

Revolver Libor + 5.25% $0.0

Halifax debt Libor +6.25%, 1.0% floor $8.0

Total Debt 7.49% Blended Rate $370.2

Q3 2017 LTM pro-forma As Adjusted EBITDA $156.7

Cash on the Balance Sheet $160.5

Gross Leverage Ratio(1) 2.4x

Net Leverage Ratio(2) 1.3x

1) Gross leverage ratio is calculated by dividing total debt by Q3 2017 LTM pro-forma As Adjusted EBITDA.
2) Net leverage ratio is calculated by subtracting cash on the balance sheet from total debt, and dividing it by Q3 2017 LTM pro-forma As Adjusted EBITDA.

21
Condensed Consolidated Balance Sheets
(In thousands, except share data)
September 24, 2017 December 25, 2016

Assets
Current assets:
Cash and cash equivalents $ 160,541 $ 172,246
Restricted cash 3,406 3,406
Accounts receivable, net of allowance for doubtful accounts of $5,714 and
$5,478 at September 24, 2017 and December 25, 2016, respectively 127,652 138,115
Inventory 18,282 18,167
Prepaid expenses 21,683 18,720
Other current assets 21,029 19,694
Total current assets 352,593 370,348
Property, plant, and equipment, net of accumulated depreciation of $161,218
and $130,839 at September 24, 2017 and December 25, 2016, respectively 366,710 381,319
Goodwill 202,388 227,954
Intangible assets, net of accumulated amortization of $60,528 and $43,632
at September 24, 2017 and December 25, 2016, respectively 337,473 351,477
Other assets 5,883 4,932
Total assets $ 1,265,047 $ 1,336,030
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt $ 4,527 $ 14,387
Accounts payable 24,905 19,105
Accrued expenses 82,324 84,389
Deferred revenue 80,375 77,987
Total current liabilities 192,131 195,868
Long-term liabilities:
Long-term debt 356,536 338,860
Long-term liabilities, less current portion 14,053 12,597
Deferred income taxes 9,773 7,786
Pension and other postretirement benefit obligations 24,106 25,946
Total liabilities 596,599 581,057
Stockholders’ equity:
Common stock, $0.01 par value, 2,000,000,000 shares authorized at
September 24, 2017 and December 25, 2016; 53,354,393 and 53,543,226
issued at September 24, 2017 and December 25, 2016, respectively 527 531
Additional paid-in capital 702,093 742,543
Accumulated other comprehensive loss (3,894) (3,977)
(Accumulated deficit) retained earnings (29,205) 16,293
Treasury stock, at cost, 134,208 and 46,438 shares at September 24, 2017 and
December 25, 2016, respectively (1,073) (417)
Total stockholders' equity 668,448 754,973
Total liabilities and stockholders' equity $ 1,265,047 $ 1,336,030

22
Unaudited Condensed Consolidated Income Statement
(In thousands, except per share data) Three months Three months
ended ended
September 24, 2017 September 25, 2016
Revenues:
Advertising $ 159,481 $ 164,683
Circulation 112,792 104,693
Commercial printing and other 44,903 37,461
Total revenues 317,176 306,837
Operating costs and expenses:
Operating costs 177,724 172,972
Selling, general, and administrative 106,809 100,052
Depreciation and amortization 18,257 17,014
Integration and reorganization costs 2,210 5,197
Impairment of long-lived assets - -
Goodwill and mastheads impairment - -
Loss (gain) on sale or disposal of assets 686 974
Operating income 11,490 10,628
Interest expense 7,848 7,391
Loss on early extinguishment of debt 4,767 -
Other income (88) (62)
(Loss) income before income taxes (1,037) 3,299
Income tax expense (benefit) 934 504
Net (loss) income (1,971) 2,795

(Loss) income per share:

Basic:
Net (loss) income $ (0.04) $ 0.06
Diluted:
Net (loss) income $ (0.04) $ 0.06

Dividends declared per share $ 0.35 $ 0.33

Comprehensive (loss) income $ (1,944) $ 2,815

23
New Media Quarterly and Full Year Same Store and Organic Same Store Revenue

(In thousands) 3 months ended 3 months ended

$ Variance % Variance
September 24, 2017 September 25, 2016

Reported Revenues $317,176 $306,837 $10,339 3.4%

Revenue adjustment for material

– –
acquisitions / divestitures

Same Store Revenue(1) $317,176 $306,837 $10,339 3.4%

Tuck-in Acquisitions(2) (32,686) (2,916)

Organic Same Store Revenue, Total

$284,490 $303,921 ($19,432) -6.4%
Company(3)

(In thousands) 12 months ended 12 months ended

$ Variance % Variance
September 24, 2017 September 25, 2016

Reported Revenues $1,281,157 $1,255,420 $25,737 2.1%

Pro-forma adjustment for material

– 2,887
acquisitions/divestitures

Pro-forma Revenue(4) $1,281,157 $1,258,307 $22,850 1.8%

Tuck-in Acquisitions(2) (106,503) (7,813)

Organic Same Store Revenue, Total

$1,174,654 $1,250,494 ($75,840) -6.1%
Company(3)

1) Same store revenues take into account material acquisitions and divestitures of the Company by adjusting prior year performance to include or exclude financial results
as if the Company had owned or divested a business for the comparable period. The results of several acquisitions (“tuck-in acquisitions”) were funded from the
Company’s available cash and not considered material.
2) Tuck-in acquisitions are adjusted for non-material acquisitions and non-material divestitures, and to adjust for Commercial Print revenues that are now intercompany.
3) Organic Same Store Revenues are same store revenues adjusted to remove non-material acquisitions and non-material divestitures, and to adjust for Commercial Print
revenues that are now intercompany.
4) Pro-forma revenues assumes ownership of material acquisitions and divestitures for the entire period of time.
24
Non-GAAP Reconciliation
A non-GAAP financial measure is generally defined as one that purports to measure historical or future financial performance, financial position or cash flows, but
excludes or includes amounts that would not be so adjusted in the most comparable GAAP measure. This Presentation includes non-GAAP measures used by New
Media, such as Adjusted EBITDA, As Adjusted EBITDA, Free Cash Flow, gross leverage, and net leverage.

Adjusted EBITDA, As Adjusted EBITDA, Free Cash Flow, gross leverage, and net leverage are not measurements of financial performance under GAAP and
should not be considered in isolation or as alternatives to income from operations, net income (loss), cash flow from continuing operating activities or any other
measure of performance or liquidity derived in accordance with GAAP. These non-GAAP measures as calculated by New Media may differ from similar non-
GAAP measures presented by other companies, so New Media’s measure may not be comparable to such other measures. We strongly urge you not to rely on any
single financial measure to evaluate any business.

New Media defines Adjusted EBITDA as net income (loss) from continuing operations before income tax expense (benefit), interest/financing expense, depreciation
and amortization, and non-cash impairments. New Media defines As Adjusted EBITDA as Adjusted EBITDA before transaction and project costs, merger and
acquisition related costs, integration and reorganization costs, gain/loss on sale or disposal of assets, non-cash items such as non-cash compensation, and Adjusted
EBITDA from non-wholly owned subsidiaries. The Company defines Free Cash Flow as As Adjusted EBITDA less capital expenditures, cash taxes, interest paid,
and pension payments.

We believe these non-GAAP measures, as defined above, are useful to investors for the following reasons:

 Evaluating performance and identifying trends in day-to-day performance because the items excluded have little or no significance on the Company’s day-to-
day operations; and

 Providing assessments of controllable expenses that afford management the ability to make decisions which are expected to facilitate meeting current financial
goals as well as achieving optimal financial performance.

We use Adjusted EBITDA, As Adjusted EBITDA, Free Cash Flow, gross leverage, and net leverage as measures of our deployed revenue generating assets between
periods on a consistent basis. We believe As Adjusted EBITDA and Free Cash Flow measure our financial performance and help identify operational factors that
management can impact in the short term, mainly our operating cost structure and expenses. We exclude mergers and acquisition, transaction, and project related
costs such as diligence activities and new financing related costs because they represent costs unrelated to the day-to-day operating performance of the business that
management can impact in the short term. We consider the loss on early extinguishment of debt to be financing related costs associated with interest expense or
amortization of financing fees, which by definition are excluded from Adjusted EBITDA. Such charges are incidental to, but not reflective of our day-to-day
operating performance of the business that management can impact in the short term.

The following tables include a reconciliation of Adjusted EBITDA, As Adjusted EBITDA, and Free Cash Flow to income (loss) from continuing operations.

25
New Media Non-GAAP Reconciliation – Quarterly and Full Year(1)
(In thousands) 12 months ended 3 months ended 3 months ended 3 months ended 3 months ended 3 months ended
September 24, 2017 September 24, 2017 September 25, 2016 December 25, 2016 March 26, 2017 June 25, 2017
Income (Loss) from continuing operations ($12,847) ($1,971) $2,795 $14,496 ($3,685) ($21,687)
Income Tax (benefit) expense 4,933 934 504 2,375 (6,331) 7,955
Interest Expense 29,649 7,848 7,391 7,366 7,218 7,217
Depreciation and amortization 72,032 18,257 17,014 17,410 17,604 18,760
Goodwill impairment 27,448 27,448
Impairment of long-term assets 6,485 - 6,485 -
Loss on extinguishment of Debt 4,767 4,767
Adjusted EBITDA from continuing operations $132,467 $29,835 $27,704 $41,647 $21,291 $39,693
Non cash compensation and other expense 18,256 4,393 3,118 6,945 2,940 3,980
Integration and reorganization costs 7,637 2,210 5,197 820 2,370 2,237
(Gain)/loss on sale of assets (1,621) 686 974 239 88 (2,634)
As Adjusted EBITDA - Actual Results $156,739 $37,124 $36,993 $49,651 $26,689 $43,276
Interest paid(2) (26,815) (6,896) (6,690) (6,748) (6,663) (6,507)
Net capital expenditures (10,106) (2,382) (2,288) (2,900) (2,400) (2,424)
Pension Payments (2,282) (926) (824) (479) (422) (455)
Cash taxes (542) 387 (304) (693) (13) (223)
Free Cash Flow - Actual Results $116,994 $27,307 $26,887 $38,831 $17,191 $33,667

Pro-forma As Adj. EBITDA Adjustments - - - - - -

Pro-forma As Adjusted EBITDA(3) $156,739 $37,124 $36,993 $49,651 $26,689 $43,276
Pro-forma Free Cash Flow Adjustments - - - - - -
Pro-forma Free Cash Flow(4) $116,994 $27,307 $26,887 $38,831 $17,191 $33,667

Weighted Average Shares Outstanding

Diluted Weighted Average Shares Outstanding 52,869 52,869
Basic Weighted Average Shares Outstanding 52,869 52,869
1) Small discrepancies may exist due to rounding.
2) Average interest paid during 2017 for the three month period.
3) Pro-forma As Adjusted EBITDA has been adjusted for quarters New Media did not own material acquisitions and divestitures, and synergies realized as of the acquisition
date or realized as of the transaction date.
4) Pro-forma Free Cash Flow includes adjustments referenced in footnote 2, capital expenditures, cash taxes, and adjustments for the current credit facility including timing
of interest payments.
26