U.S. Seeks More Data Over Gannett's Journal Media Acquisition
November 20 2015 - 6:40PM
Dow Jones News
USA Today owner Gannett Co. and Journal Media Group (JMG), owner
of the Milwaukee Journal Sentinel, said the U.S. Justice Department
has requested additional information over Gannett's planned
purchase of Journal Media.
The deal worth about $280 million was announced Oct. 7. The
transaction is a sign that a long-awaited round of consolidation in
the beleaguered publishing industry may be under way.
Gannett and Journal Media still expect to close the deal in the
first quarter of 2016. The companies also said they expect to
continue working with the Justice Department.
Journal Media was created this year from a complex deal that
combined the newspaper assets of E.W. Scripps and Journal
Communications. Its other titles include the Memphis Commercial
Appeal, the Knoxville News Sentinel and the Naples Daily News.
Journal Media said last week that third-quarter non-GAAP revenue
fell 8.3% to $110.3 million, as advertisers continued to reduce
spending in the quarter.
In late October, Gannett reported third-quarter revenue fell
8.6% to $701.2 million.
Write to Josh Beckerman at josh.beckerman@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 20, 2015 18:25 ET (23:25 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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