Gannett Buys Assets from North Jersey Media Group
July 06 2016 - 5:00PM
Dow Jones News
Gannett Co. on Wednesday said it would buy assets from North
Jersey Media Group Inc., the latest move by the owner of USA Today
to expand its reach and better compete.
Terms weren't disclosed, though the purchase includes the Bergen
County Record newspaper and other properties. Gannett is the
nation's largest publisher with about 12% of daily newspapers
circulation.
North Jersey Media Group has been owned by the Borg family since
1930. The group publishes 49 community newspapers and has been one
of the last family-run publishing groups in the country.
The acquisition deal comes as Gannett has pushed hard to buy
Tribune Publishing Co., the owner of the Chicago Tribune and the
Los Angeles Times, for about $475 million. In April, Gannett
completed its acquisition of the Journal Media Group's 15 daily
newspapers for $280 million.
Gannett's recent attempts to scoop up other titles comes amid a
flurry of deal making across the news industry, with publishers
looking to maximize the advantages of scale. It follows Gannett's
own split from its television arm that is now known as Tegna
Inc.
"Gannett continues to execute on its local-market growth
strategy," Robert Dickey, Gannett Chief Executive said on
Wednesday. The company said the acquisition would add roughly $90
million in annual revenue.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
(END) Dow Jones Newswires
July 06, 2016 16:45 ET (20:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Adobe (NASDAQ:ADBE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Adobe (NASDAQ:ADBE)
Historical Stock Chart
From Sep 2023 to Sep 2024