Gannett: 'Take My Newspaper--Please'
Gannett Co. (GCI) is apparently providing more than $40 million to help the owner of the Honolulu Star-Bulletin purchase Gannett’s Honolulu Advertiser, the Advertiser reports.
You heard that right. Gannett, which owns the Advertiser, is paying the Star-Bulletin’s parent company $40 million to help it take the Advertiser off Gannett’s hands.
David Black, the owner of Oahu Publications, is also getting $40 million from a financial services firm in Toronto.
Oahu Publications is planning to sell the Star-Bulletin, which is smaller than the Advertiser; if Oahu can’t find a buyer, it will merge the papers, resulting in layoffs for “most” of the Advertiser staff, the Advertiser reports.
There
WORK SMARTER - LEARN, GROW AND BE INSPIRED.
Subscribe today!
To Read the Full Story Become an Adweek+ Subscriber
Already a member? Sign in