Gannett Board Authorizes Additional $500 Million Share Repurchase Program
McLEAN, Va. – Gannett Co., Inc. (NYSE: GCI) announced today that its Board of Directors has authorized the repurchase of an additional $500 million of its common stock.
Prior to today’s action, a substantial portion of the $1 billion authorized for repurchase under the program announced July 13, 2004 had been used.
Douglas H. McCorkindale, chairman, president and CEO said, “At current prices, we believe Gannett’s stock represents a very attractive investment opportunity.”
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 has been set.
Gannett Co., Inc. is a leading international news and information company that publishes 101 daily newspapers in the USA, including USA TODAY, the nation’s largest-selling daily newspaper. The company also owns more than 600 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 17 daily newspapers, and a network of prize-winning Web sites. Gannett also operates 21 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.
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