Deals
Gannett Plays Down Fears of Massive Layoffs as Deal Closes
- Deal will help preserve newsroom jobs, not cut them, CEO says
- Company wants to create local marketplace like Angie’s List
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The top executive at the biggest U.S. newspaper chain sought to calm fears of massive newsroom layoffs as New Media Investment Group Inc. closed its acquisition of Gannett Co.
In an interview, Michael Reed, who will be chief executive officer of the combined company, said the estimated $300 million in annual cost savings from the deal would come almost entirely from cuts outside of newsrooms, such as call centers, production facilities and back-office jobs.