Gannett Acquires North Jersey Media Group
07 July 2016 - 1:55AM
Business Wire
Gannett Co., Inc. (NYSE: GCI) announced today it has
acquired certain assets of the North Jersey Media Group Inc.,
including The Record (Bergen County), the Herald News, and their
affiliated digital properties. Also included in the sale are the
Community News Group, the Magazine Group, and the Events Group.
Gannett expects the acquisition to contribute approximately $90
million in annual revenues and will approach approximately
corporate-average margins by the end of the first full year of
operations.
“Gannett continues to execute on its local market growth
strategy. This latest acquisition positions the company to be the
leading news provider in the state of New Jersey,” said Robert
Dickey, President and CEO of Gannett. “These organizations are now
part of the USA TODAY NETWORK, the largest local-to-national media
network in the U.S. We have more than 4,000 USA TODAY NETWORK
journalists working across the country to provide the best news and
information available – content that makes a difference in our
readers’ lives and their communities.”
“The Borg family built a strong foundation over the many decades
of its ownership of North Jersey Media Group. We will continue to
build upon its legacy of strong journalism, successful community
engagement and effectively connecting advertisers to the audiences
they seek,” said John Zidich, president of Domestic Publishing. “We
are focused on being the best news organization in the state.”
Following this acquisition, Gannett operates USA TODAY and 109
dailies in 34 states and Guam, in addition to Newsquest in the
U.K., with its 150-plus local digital and print news brands.
District Capital Partners served as the sole financial advisor
to Gannett in this transaction.
About Gannett
Gannett Co., Inc. (NYSE: GCI) is a next-generation media
company committed to strengthening communities across our network.
Through trusted, compelling content and unmatched local-to-national
reach, Gannett touches the lives of more than 100 million people
monthly. With more than 120 markets internationally, it is known
for Pulitzer Prize-winning newsrooms, powerhouse brands such as USA
TODAY and specialized media properties. To connect with us, visit
www.gannett.com.
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854-5358aallman@gannett.com
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