Published 5:17 PM EDT Aug 5, 2019
Together, the two companies would operate more than 260 daily news operations – far more than any other U.S. news publisher – and boast potentially the largest online audience of any American news provider.New Media Investment Group CEO Michael Reed will remain CEO of the umbrella company, which will be named Gannett after the deal closes.
“We believe this transaction will create value for our shareholders, greater opportunities for our employees, and a stronger future for journalism," Reed said in a statement. The stakes are high. The fate of for-profit local journalism hangs in the balance as the news industry spars with digital giants Google, Facebook and others for revenue and the attention of Americans.
Gannett had nearly double as much revenue in 2018 – $2.92 billion, compared with GateHouse’s $1.53 billion – and had about double the market capitalization, as of Friday.
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