Gannett Co agreed to acquire Journal Media for 280 million US dollars

Under the terms of the transaction, Journal Media Group shareholders will receive cash of 12 US dollars per share in cash.

Created On: Oct 9, 2015 15:12 IST

A publicly traded media holding company, Gannett Company, Inc., on 7 October 2015 reached an agreement to acquire newspaper company Journal Media Group for approximately 280 million US dollars. After the agreement, Gannett will have control of publications in more than 100 local markets in the United States.

Under the terms of the transaction, Journal Media Group shareholders will receive cash of 12 US dollars per share in cash. Gannett will finance the transaction through a combination of cash on hand and borrowings under Gannett’s 500 million US dollars revolving credit facility.

About Gannett Company, Inc.

Gannett Co was founded by Frank Gannett in 1906 in Rochester, New York. At present, the company is headquartered in Tysons Corner, Virginia.

Gannett is the largest U.S. newspaper publisher as measured by total daily circulation. It publishes daily USA Today and the weekly USA Weekend.

About Journal Media Group

Journal Media Group, formerly known as Journal Communications, is a Milwaukee, Wisconsin-based newspaper publishing company, which was founded in 1882.

Journal Media was an outcome of a merger between E.W. Scripps Co and Journal Communications' newspaper operations in April 2015.

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