Two of America’s largest newspaper conglomerates, each with a presence in Alabama, on Monday announced that they will merge to form a single company.
In a press release, New Media Investment Group, the parent company of GateHouse Media, said that it has reached an agreement to acquire Gannett for a combination of stock and cash.
Gannett shareholders will own 49.5% of the new company, while New Media shareholders will own 50.5%. The press release boasted that the merger will birth “the leading U.S. print and digital news organization.”
In the Yellowhammer State, Gannett owns The Montgomery Advertiser, while GateHouse Media owns both The Tuscaloosa News and The Gadsden Times.
The combined company will use Gannett’s name and be based at Gannett’s headquarters in McLean, Virginia, which is just outside of Washington, D.C.
The new company will account for “more than one-sixth of all remaining daily newspapers,” according to Nieman Lab.
Read more from The Associated Press here.
Sean Ross is a staff writer for Yellowhammer News. You can follow him on Twitter @sean_yhn
Don’t miss out! Subscribe today to have Alabama’s leading headlines delivered to your inbox.