Gannett to buy Journal Media Group for $280 million

October 7, 2015 11:19 PM

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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 its 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.

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