Board of Directors Approves Stock Repurchase
ARLINGTON, Va. — Gannett Co., Inc. announced today that its Board of Directors has authorized the repurchase of up to $250 million of its common stock.
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.
John J. Curley, chairman and chief executive officer, and Douglas H. McCorkindale, vice chairman and president, said today, “At current prices, Gannett’s stock represents an attractive investment opportunity.”
The company said that purchases would occur from time to time and that no maximum or minimum purchase prices have 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.