Gannett CO. Plans to Acquire Journal Media Group for $280 million Cash
On Wednesday, Gannett Co. Inc said that is planning to acquire Journal Media Group, which is the parent of the Milwaukee Journal Sentinel. It is expected to be a cash deal for approximately $280 million.
It is likely that deal will close sometime in the first quarter of 2016. However, it needs regulatory and shareholder approval. If the deal comes through then it will add the biggest newspaper of Wisconsin to Gannett that already owns its newspapers in other important markets including the Green Bay and the Fox Valley.
In a statement, Tim Stautberg, president and chief executive officer of Journal Media Group said "This transaction marks a critical next step in the transformation of our industry as we build local media brands that matter at a time when operational scale is a competitive advantage."
He also said that the deal will help in strengthening the vision of both the companies and will help in serving the local markets better by coupling ideas, best practices and content.
After completion of the deal, Gannett which owns USA Today, The Arizona Republic and The Indianapolis Star will have its presence in one hundred and six U.S. markets along with 100 million or more digital audience per month.
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