GateHouse and Gannett join, creating largest U.S. newspaper chain. Layoffs expected
GateHouse closed its $1.1-billion takeover of USA Today publisher Gannett, becoming the country’s largest newspaper company by far and pledging significant cost cuts at a time when print publications are in precipitous decline.
In an interview with the Associated Press, executives of the combined company, which will keep the Gannett name, acknowledged that there will be layoffs. The company has committed to cutting $300 million in annual costs. “We believe we have a strategy that will result in not just preserving local journalism, but letting local journalism thrive,” Reed said. “National journalism as well. And fortunately, we’re going to be able to impact at least 260 communities.”
The new Gannett has set itself a challenging task in supporting local journalism by expanding a digital business involving marketing services and online subscriptions, as well as live events. Digital today makes up about a quarter of the two companies’ combined revenues.Additionally, there’s a high-interest $1.8-billion loan to be paid back to private-equity firm Apollo.
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