Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, August 9, 2019

Article Excerpt

GANNETT CO. INC., $9.75, New York symbol GCI, publishes its flagship newspaper, USAToday, along with smaller dailies in over 100 U.S. markets. It also has papers in the U.K., and over 200 magazines and other publications. The company has now accepted a takeover offer from GateHouse Media, and its parent company New Media Investment Group Inc. (New York symbol NEWM). The combined firm, which will retain the Gannett Co. name and trading symbol, will publish 263 daily newspapers in 47 states. It will have annual revenue of $4.3 billion, including $1.0 billion from digital advertising and marketing services. The new company also expects to save $275 million to $300 million by cutting jobs and combining printing presses. Under the terms of the offer, Gannett investors will receive $6.25 in cash plus 0.5427 of a New Media share for each share they own. As a group, they will own 49.5% of the combined company, with New Media investors owning the remaining 50.5%. As well, the…

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