NEW YORK & MCLEAN, Va.--(BUSINESS WIRE)--New Media Investment Group Inc. (NYSE: NEWM) and Gannett Co., Inc. (NYSE: GCI) jointly announced today the successful completion of the previously announced acquisition of Gannett by New Media for a combination of cash and stock.
As previously announced, Gannett stockholders are entitled to receive $6.25 in cash and 0.5427 shares of New Media common stock per share of Gannett common stock in the Merger.
The combined company will operate under the name “Gannett Co., Inc.”. Beginning on November 20, 2019, New Media will trade on the New York Stock Exchange under this name and its ticker symbol will be changed to “GCI”. Michael Reed will remain Chairman and Chief Executive Officer of the combined company and Paul Bascobert will serve as Chief Executive Officer of the operating subsidiary, Gannett Media Corp.
“We are pleased to announce the completion of the Merger to create the leading U.S. print and digital news organization with deep local roots and national scale,” said Michael Reed, Chairman and Chief Executive Officer of New Media. “Our combined company will sustain local journalism in hundreds of markets across the country and enhance the services we provide to small and midsized businesses nationally. On behalf of everyone at New Media, we welcome Gannett and their talented team, and look forward to working together to achieve a seamless transition and to build value for all of our shareholders, employees, clients and local communities.”
“Today is an exciting day as we move forward together as a combined company,” said Paul Bascobert, Chief Executive Officer of Gannett. “We have a bright future together, grounded in our shared commitment to our local communities and our goal of building an enduring model that supports local journalism.”
About New Media Investment Group Inc.
New Media (NYSE: NEWM) supports small to mid-size communities by providing locally-focused print and digital content to its consumers and premier marketing and technology solutions to its small and medium business partners. New Media is one of the largest publishers of locally based print and online media in the United States as measured by its 152 daily publications. As of September 29, 2019, New Media operates in over 600 markets across 39 states reaching over 21 million people on a weekly basis and serves over 200,000 business customers.
About Gannett
Gannett Co., Inc. (NYSE: GCI) is an innovative, digitally focused media and marketing solutions company committed to strengthening communities across its network. With an unmatched local-to-national reach, Gannett touches the lives of more than 125 million people monthly with its Pulitzer-Prize winning content, consumer experiences and benefits, and advertiser products and services. Gannett brands include USA TODAY NETWORK with the iconic USA TODAY and more than 100 local media brands, digital marketing services companies ReachLocal, WordStream and SweetIQ, and U.K. media company Newsquest. To connect with Gannett, visit www.gannett.com.
