Board of Directors Approves Additional $500 Million Stock Repurchase
ARLINGTON, Va. — Gannett Co., Inc. announced today that its Board of Directors has authorized the repurchase of an additional $500 million of its common stock.
Prior to today’s meeting, a substantial portion of the $250 million authorized for repurchase under the program announced September 1, 1998, had been used.
The shares will be repurchased at management’s discretion, either in the open market or in privately negotiated block transactions. The decision to buy back stock will depend on price, availability and other corporate developments. Purchases will occur from time to time and no maximum purchase price per share has been set.
Gannett is a nationwide news and information company that publishes 84 daily newspapers, including USA TODAY, and USA WEEKEND, a newspaper magazine. Gannett also operates 21 television stations and cable television systems in major U.S. markets.