Columbus Dispatch owner reaches deal to buy Gannett
New York-based New Media Investment Group Inc., which runs the GateHouse chain of local community newspapers, announced it will acquire newspaper publisher Gannett Co. Inc. for about $1.34 billion in cash and stock.
That works out to $6.25 in cash and .5427 of a New Media share for each share of Gannett (NYSE: GCI) stock, representing about $12.06 per share. That is about an 18% premium on the average price of Gannett shares in the five days preceding Aug. 2, according to an announcement.
GateHouse in Ohio owns The Columbus Dispatch, the Akron Beacon Journal, Canton Repository, Massillon Independent, and several other newspapers. Gannett's holdings include The Cincinnati Enquirer, Chillicothe Gazette, The Marion Star and other Ohio newsp...