GateHouse Media owner New Media Investment Group will acquire The Gannett Co. for a combination of cash and stock. The deal is worth around $1.38 billion and is partly financed with new private-equity debt, USA Today reported. The deal is anticipated to close around the end of 2019.
The deal will combine the largest owner of U.S. newspapers by titles and the largest newspaper group by circulation, The Wall Street Journal notes.
In California, Gannett’s properties include CNPA Members The Desert Sun in Palm Springs, Ventura County Star, Visalia Times-Delta and Tulare Advance-Register, The Salinas Californian and the Record Searchlight in Redding.
GateHouse’s CNPA-Member properties include The Record in Stockton, Daily Press in Victorville, The Daily Independent in Ridgecrest, Taft Midway Drilller, Siskiyou Daily News, Dunsmuir News, Mount Shasta Herald and Weed Press.