Newspaper chains Gannett, GateHouse in merger talks: Report
There may soon be another move toward consolidation in the newspaper industry.
Two of the country's largest newspaper companies are in "advanced talks" according to a Wall Street Journal report.
The Journal says that Gannett Co., the owner of USA Today, and GateHouse Media, the owner of the Austin American-Statesman, Palm Beach Post and many papers in small- and mid-sized towns, are nearing a deal that would have GateHouse or its parent buy Gannett.
The industry has been consolidating to survive a decline in print ad sales.
Reports of deal involving Gannett go back to May of this year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GCI | GANNETT CO. INC. | 5.36 | +0.20 | +3.98% |
GateHouse is part of New Media Investment Group, itself a unit of private equity firm Fortress Investment Group.
Fortress' owner is Japanese tech giant SoftBank, which also owns U.S. wireless carrier Sprint.
GateHouse, New Media and Fortress did not immediately reply to messages according to the Journal.
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FOX Business reached out to Gannett for comment.
The Associated Press contributed to this article.