REUTERS: Fortress Investment Group-backed New Media Investment Group said on Monday it will buy USA Today-owner Gannett Co in a US$1.4 billion deal, combining two of the biggest U.S. daily newspapers.
Gannett shareholders will receive US$6.25 in cash and 0.5427 of a New Media share for each share they hold, amounting to US$12.06, which represents 12.2per cent premium to Gannett's Friday close.Gannett, which has been struggling with slowing sales, fended off newspaper chain MNG Enterprises's efforts to put its nominees on its board in February, after it rejected MNG's US$1.36 billion hostile takeover bid.
After the merger closes, expected by the second half of 2019, both New Media and its operating subsidiary GateHouse will be rebranded and operate under the"Gannett" brand.Shares of Gannett were trading up 3.3per cent at US$11.11, while those of New Media Investment Group were trading down 5.7per cent at US$10.06 in afternoon trading.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chinese state media questions whether US trade talks should continue after Donald Trump’s ‘destructive’ tariff threatChinese state media has expressed pessimism about whether trade talks with the United States should continue after Donald Trump threatened new tariffs within days of negotiations resuming last week.Senior officials also hit back at the US President's accusation that China had failed to stop the import
Source: YahooSG - 🏆 3. / 71 Read more »
Huawei tests smartphone with own operating system, possibly for sale this year: Chinese state mediaHuawei Technologies Co Ltd is testing a smartphone equipped with Hongmeng, the company's self-developed operating system, which could potentially ... I use more Huawei phones and routers, because of it's being bullied , also it is indeed a reliable brand.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Thousands protest in Hong Kong, China media warns Beijing will not let situation continueHONG KONG: Thousands of protesters took to Hong Kong's streets on Sunday, a day after violent clashes between anti-government protesters and ... aiww
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Parents should play more active role in helping kids navigate downsides of social media
Source: TODAYonline - 🏆 1. / 99 Read more »
Thousands resume Hong Kong protests, China media warns Beijing won't 'sit idly by'Thousands of protesters took to Hong Kong's streets on Sunday, a day after violent clashes between anti-government protesters and police, and as China's official news agency warned Beijing will not let the situation in the Asian financial hub continue. The Chinese-controlled city has been rocked
Source: YahooSG - 🏆 3. / 71 Read more »
Govt helping firms, workers 'adjust to new realities' as part of economic strategySINGAPORE — The strategies to tackle current economic challenges cannot be like those of the past given that the present economic downturn is unlike previous crises, said Trade and Industry Minister Chan Chun Sing on Sunday (Aug 4).
Source: TODAYonline - 🏆 1. / 99 Read more »