Gannett, Knight Ridder Agree to Exchange Properties in Florida, Washington and Idaho
McLEAN, VA -Gannett Co., Inc. (NYSE: GCI) announced today an exchange of assets with Knight Ridder, Inc. involving four newspapers and cash consideration.
In the exchange, Knight Ridder will receive from Gannett The (Boise) Idaho Statesman, and two newspapers in the state of Washington: The (Olympia) Olympian, and The Bellingham Herald. In return, Gannett will receive the Tallahassee (FL) Democrat and undisclosed cash consideration.
The transaction is subject to regulatory review and will close once that process is completed.
Gannett President and CEO Craig Dubow said: “Florida, where Gannett already has three TV stations, three newspapers and distributes Clipper magazine, is a strong and growing region for Gannett. The Tallahassee Democrat, in the state’s capital, is a key addition to the mix. We look forward to bringing them on board.
“In the West, the newspapers in Bellingham, Olympia and Boise have been in the Gannett family since 1971 and it will be very hard to say good-bye. But we are confident they are in good hands, and will thrive as part of the Knight Ridder western strategy.”
Knight Ridder Chairman and CEO Tony Ridder said, “As we continue to review our portfolio of newspapers, other print products, Internet sites and investments, we are constantly impressed by the performance of our mid-sized and smaller newspapers – especially those in growth areas. This exchange gives us the opportunity to add three newspapers in robust western markets. Each one performs strongly; together, they will make a very solid addition to our existing lineup.
“Simultaneously, we feel keenly the loss of the Tallahassee Democrat. Its journalistic tradition in the state capital is deeply rooted; its people – friends and colleagues for many years – are talented and dedicated. We thank them and wish them well. We will miss them.”
Gannett announced these executive changes at the papers:
Boise, ID: Leslie Hurst becomes president and publisher of Gannett’s Lansing State Journal. She was president and publisher of The Idaho Statesman. Michael G. Kane, who was president and publisher of the Lansing State Journal, will become president and publisher of the Rochester (NY) Democrat and Chronicle.
Bellingham, WA: Christine Chin will join the staff of The Arizona Republic. She was president and Publisher of The Bellingham Herald.
Olympia, WA: Bob Ritter will remain with Gannett in a position to be announced later. He was president and publisher of The Olympian.
Tallahassee, FL: Patrick Dorsey becomes president and publisher of the Tallahassee Democrat. He was director/finance and group controller for Florida TODAY, Gannett’s operation in Brevard.
About Gannett Co., Inc. 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 800 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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