Gannett Co Inc Stock Price, News & Analysis

Gannett Co., Inc. (NYSE: GCI) has announced an exchange offer and consent solicitation for its outstanding 6.000% Senior Secured Notes due 2026. Eligible holders can exchange their notes for either first lien term loans with a 1.5% upfront fee or cash. The exchange offer includes an early participation premium for holders who tender their notes by October 10, 2024.

This exchange offer is part of Gannett's broader debt refinancing strategy, which includes a new $900 million senior secured credit facility with Apollo Funds. The company also plans to repurchase up to 50% of its outstanding 6.000% Senior Secured Convertible Notes due 2027 and exchange another 50% for new notes due 2031.

The refinancing aims to restructure Gannett's debt and improve its financial position. The company describes itself as a diversified media company with a focus on empowering local communities through its portfolio of trusted media brands, including USA TODAY NETWORK and Newsquest.

Gannett Co., Inc. (NYSE: GCI) has announced the promotion of Caren Bohan to USA TODAY Editor in Chief, effective immediately. Bohan, with over 30 years of news experience, will oversee USA TODAY Network's flagship national publication, reporting to Monica Richardson, Senior Vice President of USA TODAY.

Bohan's career includes 20 years at Reuters, leadership positions at National Journal, and various roles at USA TODAY since 2018. She has served as Washington editor, deputy Washington bureau chief, managing editor for politics and Washington, and executive editor for politics. Most recently, Bohan served as Interim Editor in Chief of USA TODAY.

Monica Richardson expressed excitement about Bohan's appointment, highlighting her success in the interim role and her potential to drive growth and innovation for the USA TODAY brand. Bohan, a McGill University graduate with a Master of Journalism from UC Berkeley, stated her commitment to delivering excellent journalism and content to attain new heights for USA TODAY.

USA TODAY, part of Gannett Co., Inc. (NYSE: GCI), has launched the USA TODAY Wine Club, offering consumers a way to discover local winemakers and their stories. The club provides bi-monthly and quarterly collections starting at $89.99, supporting small businesses and local economies. Members receive curated wine selections, Southern Kitchen recipe pairings, and discounted access to USA TODAY Wine & Food Experience events.

The club aims to extend USA TODAY's brand and storytelling by spotlighting local producers and suppliers. Each shipment includes a unique 'Wine Words' crossword challenge and a corkage wine club credit. The procurement and fulfillment partner, Studio Beverage Group, brings over 50 years of wine club experience and expert guidance from certified professionals.

Gannett Co., Inc. (NYSE: GCI) has announced a multi-year strategic partnership with BetMGM, a leading sports betting and iGaming operator. BetMGM will serve as the preferred online sportsbook and casino partner for USA TODAY Sports, providing sports betting odds and information across the USA TODAY Network in over 200 local U.S. markets across 43 states.

The partnership aims to deliver trusted sports betting information to Gannett's audience of more than 44 million sports fans. It includes integrating BetMGM sports betting odds into stories and content, as well as featuring a BetMGM "Bet Now" option. Gannett anticipates this collaboration will immediately increase the overall monetization of its content platform.

USA TODAY Sports and the NFL have launched the USA TODAY Sports Super 25 Girls Flag Football High School Poll, ranking the top 25 girls flag football teams in the 2024 fall season. The poll covers seven states: Alabama, Alaska, Arizona, California, Colorado, Georgia, and Illinois. USA TODAY Network writers will determine an overall Super 25 Champion and highlight top performances in each participating state. The initiative aims to promote girls' flag football, which is rapidly growing globally and was recently included in the 2028 Olympic Games in Los Angeles. The poll results will be published across the USA TODAY Network online and on NFL channels.

USA TODAY NETWORK Ventures, part of Gannett (NYSE: GCI), has announced the 2024-2025 Hot Chocolate Run series. The event kicks off on October 6th in Denver and spans 16 cities through April 2025. With 5K, 10K, and 15K distances, plus a virtual option, the series attracts over 150,000 runners annually. Participants receive exclusive merchandise, a finisher's medal, and access to a post-run party. They may also be eligible for a one-year free digital subscription to USA TODAY.

The series partners with Special Olympics as its official charity. Runners can opt to donate, with contributions directly supporting athletes with intellectual disabilities. This partnership aims to enhance the event's impact and reach across USA TODAY Network local communities.

Gannett Co., Inc. (NYSE: GCI) has announced expected asset sales of approximately $13.0 million in the third quarter of 2024, with proceeds to be used for debt repayment. The company aims to reduce debt by $53 million year-to-date and remains on track to repay at least $110 million for the full year. While these sales and the closure of Reviewed.com will impact total revenue, they are not expected to materially affect Adjusted EBITDA.

Gannett also provided an update on its refinancing efforts, expecting to commence negotiations for the exchange of its 6.0% Senior Secured Convertible Notes due 2027 and 6.0% first lien notes due November 1, 2026. Preliminary results from these exchange offers are anticipated in October, with transactions expected to close later in the fall.

LocaliQ, part of Gannett Co., Inc. (NYSE: GCI), has expanded its Search Ads product by adding Yelp Ads to its offerings. This addition allows LocaliQ customers to reach Yelp's high-intent audience of over 74 million monthly users. The integration began in June 2024, with 60% of campaigns seeing stabilized or improved cost per lead while increasing audience diversification.

LocaliQ's Search Ads use proprietary technology to optimize campaigns across multiple search engines, including Google and Bing. To be eligible for Yelp Ads, businesses must have a Yelp page with accurate information, photos, and a minimum 3-star rating. This expansion aims to provide small to mid-sized businesses with more effective and efficient ways to connect with potential customers and grow their businesses.

Gannett Co., Inc. (NYSE: GCI) has entered into a commitment letter for a comprehensive debt refinancing plan. The plan includes a new senior secured credit facility of up to $900 million with Apollo Funds, comprising an initial term loan of $675 million and a delayed draw facility of $225 million. The refinancing aims to:

1. Extend debt maturities
2. Reduce future dilution from 6.0% Senior Secured Convertible Notes due 2027
3. Repay existing term loan and 2026 Notes
4. Repurchase up to 50% of outstanding 2027 Notes

Apollo Funds will exchange $441 million of 2027 Notes, with 50% in cash and 50% for new 2031 Notes. The transactions are expected to close later this fall, subject to approvals and conditions.