Gannett to help fund Journal Media Group merger with revolver draw

By Angela McDaniels

Tacoma, Wash., Oct. 7 – Gannett Co., Inc. plans to draw on its $550 million revolving credit facility to help fund its $280 million acquisition of Journal Media Group, Inc., according to a company news release.

Gannett will pay $12 per share for Journal Media Group. Funds for the acquisition will also come from cash on hand.

The companies expect the transaction to close during the first quarter of 2016.

Gannett and Journal Media Group are media companies based in Mclean, Va., and Milwaukee, respectively.

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