GateHouse Buying Gannett, Layoffs Ahead Expected

New Media Investment Group Inc., the parent of GateHouse Media, announced today that it is buying USA Today owner Gannett Co. New Media will acquire Gannett for a combination of cash and stock.

“With strategically-aligned leadership and significant scale of operations, the Merger will accelerate the combined company’s digital transformation,” GateHouse said in a press release.

The companies expect to “run-rate cost synergies” (save) between $275 million to $300 million in annual costs within 24 months by shedding what journalists remain with Gannett.

Gannett’s flagship properties include USA Today, Arizona Republic, Cincinnati Enquirer, Louisville Courier-Journal, Milwaukee Journal Sentinel, Nashville Tennessean and Detroit Free Press.

The Arizona Daily Star is owned jointly by Lee Enterprises and Gannett.

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