Gannett is acquiring Journal Media Group, which owns a number of print and online publications including the Milwaukee Journal Sentinel and the Naples Daily News, for $280m.
The merger brings Gannett 15 dailies and 18 weeklies in nine states, including key markets such as Knoxville, Tennessee and Milwaukee, Wisconsin.
Robert J. Dickey, president and chief executive officer of Gannett, said: “The publications of both Gannett and Journal Media Group have a rich history, a commitment to journalism, and a dedication to informing and being active members in the communities we serve. This transaction is an excellent first step in the industry consolidation strategy we have communicated to our shareholders and is a good example of the value-creating opportunities we believe are available.”
According to Gannett, the combination of the two will result in a digital audience of more than 100 million unique US visitors per month and will add approximately $450m to Gannett’s annual revenues.
Earlier this year, Gannett split into two companies with the USA Today owner retaining the publishing unit and the company’s broadcast and digital operations forming a new firm named Tegna.