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Gannett Co. has entered into an asset purchase agreement with Hearst to divest the Austin American-Statesman from the USA Today Network portfolio of more than 200 local publications across the country. No price was disclosed.
The Austin American-Statesman was founded in 1871 and has been named Texas Newspaper of the Year three times by the Texas Associated Press Managing Editors and more recently was recognized as a 2023 Public Service Pulitzer Prizes finalist and a 2024 Edward R. Murrow Award winner.
“Hearst has a stellar reputation in the publishing industry and their values are uniquely aligned with ours,” said Michael Reed, Gannett chairman and chief executive officer. “We are confident Hearst will be a great home for our Statesman colleagues.”
Hearst Newspapers, the operating group responsible for Hearst’s newspapers, local digital marketing services businesses and directories, publishes 26 dailies and 52 weeklies across the U.S.
“This acquisition complements Hearst’s set of newspapers and reinforces our commitment to delivering high-quality journalism,” said Jeff Johnson, president of Hearst Newspapers. “It aligns with our strategy to invest in thriving communities with strong potential. We look forward to welcoming the Austin American-Statesman team to Hearst, joining 2,300 committed Hearst Newspapers professionals across the country.”
The transaction is anticipated to close in the first quarter of 2025 and proceeds from the transaction are expected to be used for debt reduction, the company said.
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