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Gannett Will Buy Journal Media Group For $280 Million

Gannett Will Buy Journal Media Group For $280 Million
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By 

Senior Media Editor, The Huffington Post

Gannett, the publishing company that owns USA TODAY and media businesses in 92 local markets, said late Wednesday that it has agreed to buy Journal Media Group for about $280 million, following through on a strategy of acquiring additional local news outlets after it was spun off from its former parent in June.

Shareholders of Milwaukee-based Journal Media Group will receive $12 a share in cash. That is a 45% premium from the Wednesday closing price of $8.30.

Journal Media Group (JMG) owns the 178-year-old Milwaukee Journal Sentinel, TheCommercial Appeal of Memphis, 15 other daily newspapers, 18 weeklies and their affiliated websites in 14 U.S. markets.

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