Gannett Buys Journal Media Group for $280 Million

Gannett, the publishing company that owns USA TODAY and media businesses in 92 local markets, will buy Journal Media Group for about $280 million, following through on a strategy of acquiring additional local news outlets after it was spun off from its former parent in June, reports USA TODAY.

The report , in part, also stated:

“Shareholders of Milwaukee-based Journal Media Group will receive $12 a share in cash. That is a 45% premium from the Wednesday closing price of $8.30.

“Journal Media Group (JMG) owns the 178-year-old Milwaukee Journal Sentinel, The Commercial Appeal of Memphis, 15 other daily newspapers, 18 weeklies and their affiliated websites in 14 U.S. markets.”