New Media Investment Group, a locally-focused print and digital content provider, completed the acquisition of Gannett, an innovative, digitally focused media and marketing solutions company, for $1.4bn. Under the terms of the agreement, shareholders of Gannett received $6.25 in cash and 0.54 of a New Media share for each Gannett share they held, representing a premium of approximately 18% to the five-day volume-weighted average price of Gannett shares. “We believe this transaction will create value for our shareholders, greater opportunities for our employees, and a stronger future for journalism. Gannett is an innovative, digitally-focused media and marketing solutions company with well-known brands worldwide. Uniting our talented employees and complementary portfolios will enable us to expand our comprehensive, hyperlocal coverage for consumers, deepen our product offering for local businesses, and accelerate our shift from print-centric to dynamic multimedia operations. We are honored to become a part of Gannett’s storied history and a steward of their strong media properties into the future. We are committed to delivering significant synergies in a thoughtful manner, consistent with our shared goals for the business,” Michael Reed, New Media Chairman and Chief Executive Officer.