Gannett Co., Inc. (NYSE: GCI) announced today it has acquired certain assets of the North Jersey Media Group Inc., including The Record (Bergen County), the Herald News, and their affiliated digital properties. Also included in the sale are the Community News Group, the Magazine Group, and the Events Group. Gannett expects the acquisition to contribute approximately $90 million in annual revenues and will approach approximately corporate-average margins by the end of the first full year of operations.
“Gannett continues to execute on its local market growth strategy. This latest acquisition positions the company to be the leading news provider in the state of New Jersey,” said Robert Dickey, President and CEO of Gannett. “These organizations are now part of the USA TODAY NETWORK, the largest local-to-national media network in the U.S. We have more than 4,000 USA TODAY NETWORK journalists working across the country to provide the best news and information available – content that makes a difference in our readers’ lives and their communities.”
“The Borg family built a strong foundation over the many decades of its ownership of North Jersey Media Group. We will continue to build upon its legacy of strong journalism, successful community engagement and effectively connecting advertisers to the audiences they seek,” said John Zidich, president of Domestic Publishing. “We are focused on being the best news organization in the state.”
Following this acquisition, Gannett operates USA TODAY and 109 dailies in 34 states and Guam, in addition to Newsquest in the U.K., with its 150-plus local digital and print news brands.
District Capital Partners served as the sole financial advisor to Gannett in this transaction.