Friendly Deal: Gannett buys Detroit News

Gannett buys Detroit News

The bidding war ended with nary a drop of blood spilled. Gannett Co., the nation's sixth-largest media company (86 daily newspapers, including USA Today, six TV stations and 14 radio stations), agreed last week to buy the Evening News Association, the parent firm of the Detroit News, which has been controlled by the Scripps family for 112 years. Gannett offered $1,583 a share for a total of $717 million, beating out Washington Redskins Owner Jack Kent Cooke and Hollywood Producer Norman Lear. Besides the money-losing News (circ. 667,000), Gannett will acquire lucrative television stations in Washington, Tucson, Oklahoma City, Austin and...

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