Gannett Company—owner of more than 100 newspapers including USA Today—wants to expand. The company has offered to buy Tribune Publishing for $815 million. The deal, proposed on April 12, includes Gannett assuming $390 million of Tribune’s debt.
Gannett wants to make this move because—despite adding debt and more brands—it’ll save the company roughly $50 million in “synergies” savings.
“We believe Gannett is uniquely willing and able to propel Tribune into the position of strength that will allow its beloved and historic publications and other assets to survive and thrive in this challenging environment,” wrote Gannett CEO Robert Dickey, in a note to Tribune CEO Justin Dearborn.
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