Gannett Co., Inc. (GCI) - NYSE
  • Tue, Mar. 1, 3:56 PM
    • In today's vote, shareholders of Journal Media Group (JMG -0.3%) approved a buyout by Gannett (GCI -0.6%), though some details including the exact closure are still a bit up in the air.
    • JMG CEO Tim Stautberg had said that an exact closing would depend on regulatory approval.
    • Today, he told the Milwaukee Business Journal that he's not sure how many jobs would be eliminated at headquarters -- which is "no longer needed" with the deal -- or what happens to the buildings on prime downtown Milwaukee real estate. “That’s for Gannett to determine,” he said.
    • Top corporate jobs at JMG are already set to disappear in the deal. The total number of employees at the headquarters building is more than 400.
    | Tue, Mar. 1, 3:56 PM
  • Fri, Feb. 26, 1:26 PM
    • While integration planning is going forward for an acquisition of Journal Media Group (NYSE:JMG) by Gannett (GCI -2.3%), regulatory review will push the transaction out past a shareholder vote, says JMG chief Tim Stautberg.
    • The company's set to vote on the deal at 11 a.m. ET on Tuesday. In a video message directed to the company's employees, he reminded them that many of the decisions about organizational structure, staffing, processes and operations would probably come after the closing.
    • "If we have not received regulatory approval prior to our special meeting of shareholders on March 1, the shareholder vote will take place as planned, but we will not close on the transaction until the regulatory approval condition has been satisfied," he said.
    • Gannett has a deal in place to pay $12/share in cash; JMG is up 1.3% to $12.15 today.
    • Previously: Journal Media Group sets March 1 meeting to approve Gannett buyout (Dec. 23 2015)
    • Previously: Gannett, JMG get second info request from DOJ over proposed merger (Nov. 20 2015)
    | Fri, Feb. 26, 1:26 PM
  • Tue, Feb. 23, 4:35 PM
    • Gannett (NYSE:GCI) declares $0.16/share quarterly dividend, in line with previous.
    • Forward yield 4.3%
    • Payable April 1; for shareholders of record March 11; ex-div March 9.
    | Tue, Feb. 23, 4:35 PM
  • Wed, Feb. 17, 10:31 AM
    • Gannett (NYSE:GCI) is off 6.8% after missing expectations on top and bottom lines in its Q4 earnings, though it pointed to improvement in its digital footprint.
    • EBITDA of $126M also beat expectations of $120.5M. The company crested 100M unique digital visitors late in the year.
    • Revenue breakout: Advertising, $419.5M (down 12.9%); Circulation, $257.7M (down 7.9%); Other, $62M (up 7.9%).
    • Net cash flow from operations of $78.2M; Q4 capex was $23M. Ending cash balance was $196.7M.
    • It's expecting to close its acquisition of Journal Media Group this quarter; aside from that deal it expects revenue trends to improve. It's forecasting ad revenues to decline 5-7% and circulation revenues to drop 2-4%, with EBITDA margins under pressure in the short term but improving sequentially through the year. It expects capex of $50M-$60M and an effective tax rate of 31-33%.
    • Conference call link
    • Press Release
    | Wed, Feb. 17, 10:31 AM
  • Wed, Feb. 17, 8:33 AM
    • Gannett (NYSE:GCI): Q4 EPS of $0.53 misses by $0.01.
    • Revenue of $739.3M (-9.7% Y/Y) misses by $16.25M.
    • Press Release
    | Wed, Feb. 17, 8:33 AM
  • Tue, Feb. 16, 5:30 PM
  • Wed, Jan. 13, 6:18 PM
    • Carl Icahn -- whose holdings are under heavy scrutiny by media investors -- has filed a 13D showing he's lowered his stake in publisher Gannett (GCI -2.8%) to 4.66%, after selling shares in the company last year.
    • Gannett pulled a split into print assets (held by the new Gannett) and broadcast assets (held by Tegna) last June. Since the split, Gannett stock has risen 5.8%. Over that same span, TGNA is down 24.1%.
    • Icahn's holdings are generating buzz this week, not for Gannett but rather in conflicting reports about whether he was building a stake in Time Warner, possibly to make another run at splitting that company up. Icahn denied owning any shares of the company.
    • Shares of GCI are flat in after-hours action.
    | Wed, Jan. 13, 6:18 PM
  • Dec. 23, 2015, 4:45 PM
    • Journal Media Group (JMG +1.2%) has set a special shareholder meeting for March 1 to approve its $280M merger deal with Gannett (GCI -0.9%).
    • The companies had reached a deal on Oct. 7 where Gannett would acquire all JMG's outstanding stock for $12/share in cash. JMG closed today up 1.2% to $12.15.
    • The close of business on Jan. 21 will be the record date to determine eligible Journal Media shareholders for the vote. The special meeting will follow at 11 a.m. ET on March 1 at JMG headquarters in Milwaukee.
    • Both boards have unanimously approved the transaction.
    • Both companies had accomplished their own separate merger/spinoffs in 2015: Journal Media Group in a print/broadcast swap with E.W. Scripps, and Gannett accomplishing a print/broadcast split with Tegna.
    • Previously: Gannett, JMG get second info request from DOJ over proposed merger (Nov. 20 2015)
    • Previously: Milwaukee paper seeking more staff cuts ahead of Gannett buyout (Nov. 03 2015)
    • Previously: Confirmed: Gannett buying Journal Media in $280M deal (Oct. 07 2015)
    | Dec. 23, 2015, 4:45 PM
  • Dec. 7, 2015, 9:26 AM
    • Gannett (NYSE:GCI) has named a pair of publishing veterans to key content roles, shoring up newsroom experience as part of "ambitious plans for the future."
    • The company created the role of chief content officer and has hired Joanne Lipman, former deputy managing editor of The Wall Street Journal. Lipman was formerly founding editor in chief of Conde Nast Portfolio and Portfolio.com, and will oversee all content and content-related business development.
    • Daniel Bernard has been named chief product officer; he's been head of product for Time, Fortune and Money Digital, and was chief product officer for The Wall Street Journal Digital Network, including responsibility for WSJ.com, MarketWatch.com, Smartmoney.com and Barrons.com.
    | Dec. 7, 2015, 9:26 AM
  • Dec. 3, 2015, 3:22 PM
    • Gannett (GCI -2%) is uniting its papers local and national under the USA Today Network banner.
    • The move is likely to clean up any lingering disconnects after "old" Gannett split its broadcast and print assets between new Gannett and Tegna.
    • USA Today Network will serve as an "endorser sub-brand," taking advantage of the brand power of the nation's most-circulated newspaper, while local newspaper brands/names will remain the main marketing vehicle, the company says.
    • Gannett owns 92 local papers. The Louisville Courier-Journal has updated its brand logo and name to reflect the change, while other markets will do so by early January.
    | Dec. 3, 2015, 3:22 PM
  • Nov. 20, 2015, 5:29 PM
    • Gannett (GCI +1.4%) and Journal Media Group (JMG +0.1%) each say they have received a second request from the Dept. of Justice with regard to Gannett's $280M deal for JMG.
    • The companies will have to provide additional information and documentary material related to the proposed transaction.
    • Gannett and JMG say they will keep working with Justice on the review, and note that along with antitrust clearance, the deal requires approval by JMG shareholders.
    • The companies still expect to close the deal in Q1. Gannett shares were flat in after-hours trading.
    | Nov. 20, 2015, 5:29 PM
  • Nov. 5, 2015, 2:08 PM
    • Gannett (NYSE:GCI) is up 5.3% today as Argus has upgraded shares to Buy.
    • The firm's John Eade has set a price target of $20 on the shares -- implying 24% upside from yesterday's closing price of $16.09. It's trading today at $16.95.
    • Eade pointed to a dividend yield of 3.9% and the company's healthy balance sheet as positives: “Management is focused on controlling costs and is pursuing a growth-by-acquisition strategy.”
    • The company's $280M acquisition of Journal Media Group (NYSE:JMG) will come from a "clean" balance sheet, he says, as Gannett plans to use cash and its $500M revolving credit facility.
    • Management has targeted lowering annualized expenses by $67M for the first half of next year, he notes.
    | Nov. 5, 2015, 2:08 PM
  • Nov. 3, 2015, 3:55 PM
    • The Milwaukee Journal Sentinel is seeking to trim staff with a new round of voluntary buyouts ahead of its buyout by Gannett (GCI -1.6%).
    • That's in spite of the fact that Gannett has pledged no newsroom job eliminations after the closing of its $280M buyout of Journal Media Group early next year. But publisher Betsy Brenner is trying to offset a "weak start to the year."
    • This year "presented many challenges to our advertising and circulation sales teams," she said in a letter to employees.
    • The buyout program isn't related to the Gannett transaction. It follows a previous voluntary separation program from before the Journal Sentinel moved to Journal Media Group (NYSE:JMG) from Journal Communications.
    • Previously: Journal Media expecting no editorial cuts at flagship paper in Gannett deal (Oct. 08 2015)
    • Previously: Confirmed: Gannett buying Journal Media in $280M deal (Oct. 07 2015)
    | Nov. 3, 2015, 3:55 PM
  • Oct. 29, 2015, 11:33 AM
    • Gannett (NYSE:GCI) is up 6.3% and has neared a 52-week high after posting its Q3 earnings.
    • The company says it's expecting the merger with Journal Media Group (NYSE:JMG) to add about $450M in annual revenues and about $60M in EBITDA in year one, with another $25M in synergies expected in year two.
    • Though revenue missed, adjusted EBITDA of $97M (down 5.7%) beat an expected $88M.
    • Revenues of $701.2M fell by $66.1M, significantly tied to spinoff-related changes and currency effects. Excluding reporting changes for digital ad products, exited businesses and forex, revenues fell $33.9M (down 4.5%).
    • Revenue by segment: Advertising, $384.1M (down 13.1%); Circulation, $265.2M (down 3.4%); other, $51.9M.
    • Net cash flow from operations was $126.1M; capex was $10.3M.
    • The company is guiding to Q4 capex of $32M-$35M and an effective tax rate of 28-30%.
    • Conference call replay
    • Previously: Confirmed: Gannett buying Journal Media in $280M deal (Oct. 07 2015)
    | Oct. 29, 2015, 11:33 AM
  • Oct. 29, 2015, 8:13 AM
    • Gannett (NYSE:GCI): Q3 EPS of $0.43 beats by $0.06.
    • Revenue of $701.2M (-8.6% Y/Y) misses by $25.4M.
    | Oct. 29, 2015, 8:13 AM
  • Oct. 28, 2015, 6:21 PM
    • Gannett (NYSE:GCI) declares $0.16/share quarterly dividend, in line with previous.
    • Forward yield 4.41%
    • Payable Jan. 4; for shareholders of record Dec. 4; ex-div Dec. 2.
    | Oct. 28, 2015, 6:21 PM
Company Description
Gannett Co., Inc. engages in the publishing business. The company's comprehensive operations also include commercial printing, newswire, marketing and data services. The company was founded on November 21, 2014 and is headquartered in McLean, VA.
Sector: Services
Industry: Publishing - Newspapers
Country: United States