Thursday, August 08, 2019

Poynter: GateHouse close to buying Gannett


GateHouse and its parent New Media Investment Group are close to a deal to buy Gannett, sources with knowledge of the deal have confirmed, Rick Edmonds reported for Poynter.
A closing announcement will most likely have the price and the name of the new company, Edmonds says. He and Ken Doctor of Nieman Lab guess the name will be Gannett. Edmonds predicts the price will be above $10.75, where Gannett shares closed Friday.
GateHouse executives will likely land the higher-up positions at the corporate level, Edmonds says. Mike Reed, chairman and CEO of New Media Investment, will likely retain his title and responsibilities, Edmonds says. Gannett has no CEO at the moment. Golden parachutes will be in the offing for Gannett’s team, according to Edmonds, who cited what he called a well-informed source.
It’s not known if there would be layoffs post-merger, but around $200 million to $300 million in “synergies” has been talked about, Edmonds says.

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