Gannett Announces Terms to Acquire Greater London Regional Publishing Business of Independent
McLEAN, VA – Gannett Co., Inc. (NYSE:GCI) today announced that Gannett U.K. Limited, the parent company of Newsquest, has entered into an agreement with Independent News and Media Limited for the acquisition of its Greater London regional publishing business (“Independent Regionals Business”) for £60 million (U.S. $94 million).
The Independent Regionals Business consists of 45 Greater London regional newspapers, including the Post Newspaper Series and the Kentish Times Newspaper Series. The acquisition is subject to the approval of the Secretary of State for Trade and Industry in the United Kingdom.
“We are delighted that the Independent Regionals Business will become part of Gannett. These publications complement our portfolio in London and offer significant opportunities for growth, ” said Douglas H. McCorkindale, chairman, president and CEO of Gannett. The acquisition of the Independent Regionals Business increases Gannett’s strategic focus in the U.K. regional publishing sector, McCorkindale said.
Paul Davidson, Chief Executive of Newsquest said, “These titles will combine superbly with our existing publishing and printing operations. We share the strong commitment of the management and employees of the Independent Regionals Business to provide quality, local newspapers to readers and advertisers in their communities.”
Gannett Co., Inc. is a leading international news and information company that publishes 100 daily newspapers in the USA, including USA TODAY, the nation’s largest-selling daily newspaper. The company also owns in excess of 400 non-daily publications in the USA and USA WEEKEND, a weekly newspaper magazine. Gannett subsidiary Newsquest is the United Kingdom’s second largest regional newspaper company. Newsquest publishes more than 300 titles, including 15 daily newspapers, and a network of prize-winning Web sites. Gannett also operates 22 television stations in the United States and is an Internet leader with sites sponsored by its TV stations and newspapers including USATODAY.com, one of the most popular news sites on the Web.