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Long Island Business News bought by New Media Investment Group

Long Island Business News and certain other assets of The Dolan Company of Minneapolis are being purchased by Manhattan-based New Media Investment Group.

Terms weren’t disclosed for the deal, which was announced Friday by New Media and is expected to close in a few weeks.

Dolan LLC operates 39 print and online business-focused publications, including many providing news for the legal, financial, real estate and government affairs sectors in 17 markets across the nation. Dolan LLC also runs an events business.

New Media says it is one of the nation’s largest publishers of locally-based print and online media, with 125 daily publications in 32 states.

Long Island Business News, based in Ronkonkoma, was founded in 1953. It was purchased by Dolan in 1998 from Terry and Paul Townsend. The Dolan Co. has no relation to Long Island’s Dolan family, which owns a controlling interest in Cablevision Systems Corp., Newsday’s parent.

New Media’s shares closed at $18.78 on Friday, down 20 cents, on the New York Stock Exchange.

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