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New Media Investment Group to acquire Gannett

CHARLESTON, W.Va. — New Media Investment Group Inc. and Gannett Co., Inc. have entered into a definitive agreement pursuant to which New Media will acquire Gannett for a combination of cash and stock.

EDITOR’S NOTE: An earlier version of this article incorrectly listed three West Virginia newspapers as impacted by the agreement. The listed newspapers have been removed and were not impacted.

Under the terms of the merger agreement, shareholders of Gannett will receive $6.25 in cash and 0.5427 of a New Media share for each Gannett share they hold, representing total consideration of $12.06 per Gannett common share based on New Media’s closing stock price as of Aug. 2, 2019, and a premium of approximately 18 percent to the five-day volume-weighted average price of Gannett shares as of that date. After the close of the transaction, Gannett shareholders will hold approximately 49.5 percent of the combined company and New Media shareholders will hold approximately 50.5 percent.

The merger brings together the portfolios of two leading local newspaper companies, and includes USA TODAY, Gannett’s flagship brand, and its more than 160 brands in the U.K., which will significantly expand the existing USA TODAY NETWORK. …

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