The Schneps-ification of local media continues, as company buys amNewYork, free commuter paper

Schneps Media acquires AM New York from Newsday Media Group, the Brooklyn Paper reported 10/3/19:

Newsday Media Group is selling amNewYork, its free commuter newspaper in New York City, to Schneps Media, effective Oct. 11, officials announced Wednesday.
The price was not disclosed. Schneps executives said they will expand amNewYork through events programming and broadcasting.
...Schneps owns 33 newspapers, 28 magazines and specialty publications and 20 websites, produces numerous podcasts and hosts 50 annual events. Among its publications are Queens Courier, TimesLedger, The Brooklyn Paper, The Villager, Long Island Press and the Spanish-language paper Noticia Long Island.
...Joshua Schneps, the company’s CEO and co-publisher, said, “We look forward to enhancing amNewYork’s brand through our expertise in multiplatform media, including print, digital, events, social media and broadcasti­ng.”

Fun fact: the Brooklyn Paper gave the byline to James T. Madore, who wrote the exact same story for Newsday.

It's hard not to think they either published a press release, or the two separate publications agreed to publish the same careful story. (Schneps Media's Gay City News published the same article as "BY JAMES T. MADORE/ Newsday/ Special to Schneps Media.)

The New York Post noted, "Terms were not disclosed, but according to one source amNewYork was estimated to be losing about $5 million a year."

If so, that suggests consolidation and/or cuts, as well as more revenue-raising efforts like awards events. None of that is great for journalism.