{"id":814982,"date":"2025-02-19T11:03:14","date_gmt":"2025-02-19T16:03:14","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/gannett-announces-asset-purchase-agreement-with-hearst\/"},"modified":"2025-02-19T11:03:14","modified_gmt":"2025-02-19T16:03:14","slug":"gannett-announces-asset-purchase-agreement-with-hearst","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/gannett-announces-asset-purchase-agreement-with-hearst\/","title":{"rendered":"Gannett Announces Asset Purchase Agreement With Hearst"},"content":{"rendered":"

<\/p>\n

Gannett Announces Asset Purchase Agreement With Hearst<\/b><\/p>\n

Hearst to acquire the Austin American-Statesman<\/i><\/p>\n

NEW YORK, NY–(BUSINESS WIRE<\/a>)–Gannett Co., Inc.<\/a> (NYSE: GCI) has entered into an asset purchase agreement with Hearst<\/a>, a leading global diversified information services and media company, to divest the Austin American-Statesman<\/i><\/a>from the USA TODAY Network portfolio of over 200 local publications across the country.\n<\/p>\n

\nThe award-winning Austin American-Statesman<\/i> is a trusted source for exceptional journalism and a pillar in the Austin community, serving local businesses and brands with innovative strategies and solutions. Founded in 1871, the Statesman<\/i> has been named Texas Newspaper of the Year three times by the Texas Associated Press Managing Editors and more recently was recognized as a 2023 Public Service Pulitzer Prizes finalist and a 2024 Edward R. Murrow Award winner.\n<\/p>\n

\n\u201cHearst has a stellar reputation in the publishing industry and their values are uniquely aligned with ours,\u201d said Michael Reed, Gannett Chairman and Chief Executive Officer. \u201cThe sale of the Austin American-Statesman<\/i> from our portfolio is a strategic decision that will complement the Hearst brand while positioning Gannett and the USA TODAY Network of more than 200 local publications for future growth. We are confident Hearst will be a great home for our Statesman<\/i> colleagues.\u201d\n<\/p>\n

\nHearst Newspapers, the operating group responsible for Hearst\u2019s newspapers, local digital marketing services businesses and directories, publishes 26 dailies and 52 weeklies across the U.S.\n<\/p>\n

\n\u201cThis acquisition complements Hearst’s set of newspapers and reinforces our commitment to delivering high-quality journalism,\u201d said Jeff Johnson, president of Hearst Newspapers. \u201cIt aligns with our strategy to invest in thriving communities with strong potential. We look forward to welcoming the Austin American-Statesman<\/i> team to Hearst, joining 2,300 committed Hearst Newspapers professionals across the country.\u201d\n<\/p>\n

\nThe transaction is anticipated to close in the first quarter of 2025 and proceeds from the transaction are expected to be used for debt reduction.\n<\/p>\n

ABOUT GANNETT<\/span><\/b><\/p>\n

Gannett Co., Inc.<\/a> (NYSE: GCI) is a diversified media company with expansive reach at the national and local level dedicated to empowering and enriching communities. We seek to inspire, inform, and connect audiences as a sustainable, growth focused media and digital marketing solutions company. We endeavor to deliver essential content, marketing solutions, and experiences for curated audiences, advertisers, consumers, and stakeholders by leveraging our diverse teams and suite of products to enrich the local communities and businesses we serve. Our current portfolio of trusted media brands includes the USA TODAY NETWORK, comprised of the national publication, USA TODAY<\/a>, and local media organizations in the United States, and Newsquest<\/a>, a wholly-owned subsidiary operating in the United Kingdom. Our digital marketing solutions brand, LocaliQ<\/a>, uses innovation and software to enable small and medium-sized businesses to grow, and USA TODAY NETWORK Ventures<\/a>, our events division, creates impactful consumer engagements, promotions, and races.\n<\/p>\n

ABOUT HEARST<\/span><\/b><\/p>\n

\nHearst is one of the nation\u2019s largest global, diversified information, services and media companies. Hearst has been innovating for more than a century, leading with purpose, integrity and a culture of care, with a mission to inform audiences and improve lives. The company\u2019s diverse portfolio includes global financial services leader Fitch Group; Hearst Health, a group of medical information and services businesses; Hearst Transportation, which includes CAMP Systems International, a major provider of software-as-a-service solutions for managing maintenance of jets and helicopters; ownership in cable television networks such as A&E, HISTORY, Lifetime and ESPN; 35 television stations; 26 daily and 52 weekly newspapers; digital services businesses; and more than 200 magazine editions around the world.\n<\/p>\n

Cautionary Note Regarding Forward-Looking Statements<\/b><\/p>\n

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that relate to our current expectations and views of future events. All statements other than statements of historical facts contained in this press release, including statements relating to whether the transaction will enable Gannett to reduce its leverage, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. In some cases, you can identify forward-looking statements by terms such as \u201cbelieve,\u201d \u201cmay,\u201d \u201cestimate,\u201d \u201ccontinue,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cshould,\u201d \u201cplan,\u201d \u201cexpect,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201ccould,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201congoing,\u201d \u201cfuture\u201d or the negative of these terms or other similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements involve known and unknown risks, uncertainties, contingencies, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance, or achievements to be materially and\/or significantly different from any future results, performance or achievements expressed or implied by the forward-looking statement. For a discussion of some of the risks and important factors that could cause actual results to differ materially from our expectations, see the risks and other factors detailed in \u201cItem 3. Key Information – Risk Factors\u201d in Gannett\u2019s 2023 Annual Report on Form 10-K and Gannett\u2019s quarterly reports on Form 10-Q and Gannett\u2019s other filings with the SEC, in each case as such factors may be updated from time to time. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Gannett disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.<\/i><\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250219811531\/en\/<\/a><\/span><\/p>\n

MEDIA CONTACTS<\/span><\/b><\/p>\n

Gannett
\n<\/b>
Lark-Marie Ant\u00f3n
\n
Chief Communications Officer
\n
(646) 906-4087
\n
lark@gannett.com<\/a><\/p>\n

\nMatt Esposito
\n
Investor Relations
\n
(703) 854-3000
\n
investors@gannett.com<\/a><\/p>\n

Hearst
\n<\/b>
Paul Luthringer
\n
Vice President Marketing Communications
\n
(212) 649-2540
\n
paul@hearst.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America Virginia New York Texas<\/p>\n

INDUSTRY KEYWORDS:<\/b> Professional Services Advertising Communications Other Professional Services Other Communications Publishing<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Gannett Announces Asset Purchase Agreement With Hearst Hearst to acquire the Austin American-Statesman NEW YORK, NY–(BUSINESS WIRE)–Gannett Co., Inc. (NYSE: GCI) has entered into an asset purchase agreement with Hearst, a leading global diversified information services and media company, to divest the Austin American-Statesmanfrom the USA TODAY Network portfolio of over 200 local publications across the country. The award-winning Austin American-Statesman is a trusted source for exceptional journalism and a pillar in the Austin community, serving local businesses and brands with innovative strategies and solutions. Founded in 1871, the Statesman has been named Texas Newspaper of the Year three times by the Texas Associated Press Managing Editors and more recently was recognized as a 2023 Public Service Pulitzer Prizes finalist … <\/p>\n

Continue reading “Gannett Announces Asset Purchase Agreement With Hearst”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-814982","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nGannett Announces Asset Purchase Agreement With Hearst - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/gannett-announces-asset-purchase-agreement-with-hearst\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gannett Announces Asset Purchase Agreement With Hearst - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Gannett Announces Asset Purchase Agreement With Hearst Hearst to acquire the Austin American-Statesman NEW YORK, NY–(BUSINESS WIRE)–Gannett Co., Inc. (NYSE: GCI) has entered into an asset purchase agreement with Hearst, a leading global diversified information services and media company, to divest the Austin American-Statesmanfrom the USA TODAY Network portfolio of over 200 local publications across the country. The award-winning Austin American-Statesman is a trusted source for exceptional journalism and a pillar in the Austin community, serving local businesses and brands with innovative strategies and solutions. 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