Gannett On Acquisition Spree: Buys North Jersey Media Group
Zacks Investment Research | Jul 06, 2016 09:55PM ET
Multi-platform news and information company, Gannett Co., Inc. (NYSE:GCI) , has acquired North Jersey Media Group Inc. The buyout includes The Record (Bergen County), the Herald News, as well as their associated digital assets. Following the news, the company’s shares gained 2.5% on Jul 6.
Per the agreement, the Community News Group, the Magazine Group, and the Events Group are also part of the buyout. However, the financial terms of the deal have been kept under wraps.
Gannett, which publishes USA Today and more than 100 other dailies, is expected to be highly benefitted by the aforementioned deal. The company will now be able to generate nearly $90 million in annual revenues with the new addition to its portfolio. This deal will also solidify the company’s presence in New Jersey.
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