New Media, Gannett announce expected board

New Media Investment Group and Gannett have announced the expected members of the board for the combined company, effective on completion of the proposed acquisition of Gannett by New Media.

The board will have nine members, with Michael Reed as chairman, five independent directors from New Media and three directors from Gannett. Along with Reed, they are Kevin Sheehan, lead independent director; Mayur Gupta, independent director; Theodore Janulis, independent director; John Jeffry Louis, independent director; Maria Miller, independent director; Debra Sandler, independent director; Laurence Tarica, independent director; and Barbara Wall, director.

After the closing of the transaction, both New Media and its operating subsidiary GateHouse will be rebranded and operate under the Gannett brand. The combined company will be headquartered in McLean, Virginia.

Meanwhile, New Media reported a decline in third-quarter revenue and print advertising, USA Today reported. The decline was offset in part by a rise in digital revenue, which was boosted by a jump in subscriptions, the paper said. The company said its total revenue fell 1 percent to $376.6 million compared with a year earlier. New Media reported a net loss of $18.5 million, about three times the loss from a year earlier. That number includes $12.1 million linked to the company's pending acquisition of Gannett, the paper said.

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