Deals
New Media Buying Gannett for $1.4 Billion to Form News Giant
- Combined company will be largest U.S. daily newspaper chain
- Industry is consolidating to survive as print business erodes
A Gannett Co. Inc. sign stands outside the company's headquarters in McLean, Virginia.
Photographer: Andrew Harrer/Bloomberg
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New Media Investment Group Inc. agreed to acquire Gannett Co. in a $1.38 billion deal that unites the two biggest U.S. daily newspaper chains in an industry that’s consolidating to survive.
The merged entity will be a local news giant that owns more than one-sixth of all daily newspapers in the country, including USA Today, and reaches nearly 9 million print readers, according to industry analyst Ken Doctor. All told, it will have 263 daily media outlets across 47 states.