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 are 91 names on the Advertiser’s editorial masthead; we’re sending good thoughts their way (and to all the non-editorial employees whose jobs are also in jeopardy).