ARLINGTON, Va. — The Gannett Foundation has reached an agreement to sell The Saratogian in Saratoga Springs, N.Y., to the Journal Register Company of Trenton, N.J., it was announced today.
The sale price was not disclosed.
Proceeds from the transaction will be used to fund the Foundation and its community grants nationwide. The Saratogian recently was donated to the Foundation by Gannett Co., Inc.
“The Saratogian has been a valuable part of the Gannett family since 1934, and we wish its employees well with the new owner. We are very confident The Saratogian will be a natural and successful complement to the Journal Register Company’s other newspapers,” said John J. Curley, chairman, Gannett Foundation, and chairman and chief executive officer, Gannett Co., Inc.
The Gannett Foundation, a Gannett Co., Inc., sponsored foundation, makes grants to nonprofit organizations in communities where Gannett has operations. In 1997, the Foundation’s grants and employee matching gifts totaled approximately $7.6 million.