Amazon has agreed to pay $2.7 billion to buy Reiss Media, a subsidiary of Reiss Group, for $1.9 billion.
The transaction is expected to close in the first half of 2018.
The deal will close Reiss’s sale of the newspaper chain in 2021.
The announcement was made in a statement issued by Amazon on Wednesday.
The statement said that the deal will give Amazon the opportunity to expand into new media and expand its reach to customers around the world.
Reiss has been struggling in recent years, and its parent company Reiss-Rand is one of the biggest players in online retail.
Reis group had recently announced that it was seeking to spin off some of its media holdings to expand its business.
In a press release on Thursday, Reis said it is looking to invest in a range of media businesses, including digital media, digital video and advertising.
“We believe this acquisition will help us build upon our strengths, while further strengthening our position in the global media marketplace,” the company said.
“Reiss-rand will continue to grow and expand into a portfolio of new media businesses including digital video, mobile, social and gaming,” it said.
The company was founded in 1968 by Paul Reiss and his father, Henry Reiss.
The business was renamed Reiss Corp. in 2007.
Reisen Media has published more than 150 million newspapers, magazines, and online publications since 1975.
In 2018, Reisen reported a net loss of $2,924 million.