Gannett Foundation Completes Sale of the Niagara Gazette in Niagara Falls, N.Y.
ARLINGTON, Va. — The Gannett Foundation has completed the sale of the Niagara Gazette in Niagara Falls, N.Y. to Newspaper Holdings, Inc. in Lexington, Ky., it was announced today.
The sale price was not disclosed.
The transfer of the Niagara Gazette by Gannett Co., Inc., to the Gannett Foundation in early February and the subsequent sale resolves the Federal Communications Commission newspaper-television cross-ownership issue that arose with Gannett’s recent acquisition of WGRZ-TV in Buffalo, N.Y.
Proceeds from this transaction will be used to fund the Foundation and its community grants.
“The Niagara Gazette has been part of Gannett since 1954. It is unfortunate that cross-ownership regulations made this action necessary,” said Doug McCorkindale, vice-chairman, chief financial and administrative officer, Gannett and president, Gannett Foundation.
“The Niagara Gazette is a natural complement to our other newspapers, and we look forward to continuing the outstanding stewardship that the Gannett Company has provided through the years,” said Ralph J. Martin, president and CEO of Community Newspaper Holdings, Inc.
Newspaper Holdings, Inc. is a subsidiary of Community Newspaper Holdings, Inc.
The Gannett Foundation, a Gannett Co., Inc. sponsored foundation, makes grants to nonprofit organizations in communities where Gannett has operations. In 1996, the Foundation’s grants and employee matching gifts totaled approximately $6.4 million.