Gannett Buys North Jersey Media Group For Undisclosed Terms

Gannett Co., Inc. GCI revealed that it acquired some assets of the North Jersey Media Group Inc. This included The Record (Bergen County), the Herald News, and their affiliated digital properties. The terms of the acquisition weren't disclosed.

According to Gannett, the acquisition also included the Community News Group, the Magazine Group, and the Events Group. The company expects the acquisition to add about $90 million in revenues on an annualized basis and would approach about corporate-average margins before the end of the first full year of operations.

After the acquisition, the media firm would operate USA TODAY and 109 dailies in 34 states and Guam, apart from Newsquest in the U.K., with its 150-plus local digital and print news brands.

The company's President and CEO, Robert Dickey, said, "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. 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."

Domestic Publishing president, John Zidich, commented, "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. We are focused on being the best news organization in the state."

Following this, the stock traded 1.5 percent higher on Wednesday.