In late June, Gannett was split from its former parent, now called Tegna. Gannett's media properties in Tennessee also include The Jackson Sun, The Leaf-Chronicle in Clarksville, The Daily News Journal in Murfreesboro, along with The Dickson Herald, The Ashland City Times, The Robertson County Times, The Gallatin News Examiner, The Hendersonville Star News, The Fairview Observer, Stewart Houston Times and others. Its print circulation will rise by about 675,000 on weekdays and 950,000 on Sundays, it said. It will result in “a combined digital audience of more than 100 million unique visitors a month,” it said. We welcome the employees of the Journal Media Group into the Gannett family and look forward to continuing to be an industry leader."Īfter the deal, Gannett will have media outlets in 106 local markets in the U.S. This transaction will allow us to focus on creating quality journalism for our communities while building substantial value for our shareholders. “Just over 100 days ago we laid out the importance of expanding our local market footprint and we are very pleased that our acquisition strategy has kicked off with such a highly regarded company. "Gannett is excited to be joining forces with an organization that is so respected by their communities and industry," said Gannett CEO Robert Dickey. ![]() Gannett, based in McLean, Va., will finance the deal through cash and borrowing under the company’s $500 million revolving credit line. Shares of Gannett closed at $14.94, up almost 4 percent. It was approved by both companies’ boards of directors and is subject to approval by Journal Media Group shareholders. The deal is expected to close in the first quarter of 2016. In addition to its Tennessee media businesses in Memphis and Knoxville, Journal Media Group owns the 178-year old Milwaukee Journal Sentinel, 12 other daily newspapers, 18 weeklies and their affiliated websites in 14 local markets in the U.S. That is a 45 percent premium from the Wednesday closing price of $8.30. Shareholders of Milwaukee-based Journal Media Group will receive $12 a share in cash. The purchase by Gannett, which also owns USA Today and media businesses in 91 other local markets, follows through on its strategy of acquiring additional local news outlets after it was spun off from its former parent in June. ![]() This acquisition will mean Gannett will own the major news organizations in three of the four largest cities in Tennessee. Gannett, the publishing company that owns The Tennessean, announced late Wednesday that it has agreed to purchase Journal Media Group, which includes The Commercial Appeal in Memphis and the Knoxville News Sentinel, for about $280 million.
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