Gannett Co. Inc. (NYSE: GCI) acquired The (Bergen County) Record, New Jersey’s second-largest newspaper, and other assets of the North Jersey Media Group Inc.
Gannett is based in McLean, Virginia and publishes USA Today. With the North Jersey Media acquisition, will own 109 daily newspapers in 34 states and Guam, plus Newsquest in the United Kingdom, along with than 150 local digital and print news brands.
As a part of the North Jersey Media deal, Gannett also acquired the group’s Herald News, affiliated digital properties, the Community News Group, the Magazine Group, and the Events Group. Terms of the deal were not disclosed, but Gannett reports that acquisition is expected to contribute about $90 million to its revenues annually. North Jersey Media has been owned by the Borg family.
With the North Jersey Media acquisition, Gannett is positioned to be the leading news provider in New Jersey, says CEO Robert Dickey. In the state, Gannett already owns the Asbury Park Press, the (Somerville) Courier News, the (Cherry Hill) Courier-Post, The (Vineland) Daily Journal, the (Middletown) Daily Record and the (Middlesex County) Home News Tribune.
Gannett has been in an acquisitive mode. In 2016, the company announced that it will acquire ReachLocal Inc. (NASDAQ: RLOC), a digital marketing company. The company said it was still interested in buying Tribune Publishing—now called Tronc Inc.-- publisher of the Chicago Tribune, the Los Angeles Times, the Baltimore Sun and eight other newspapers. Tronc had rejected the offer, which Gannett made in April, but left the door open to negotiations. In 2015, Gannett bought 15 daily newspapers, including the Milwaukee Journal Sentinel. District Capital Partners was Gannett’s financial adviser on the North Jersey Media deal.