Gannett Reports Significant Progress on its Strategic Growth Plan at Goldman Sachs Communacopia
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Added Martore, "As we continue to advance our strategic plan, we remain committed to maintaining our strong balance sheet and a disciplined approach to our allocation of capital. To support these important new initiatives, we have taken steps to raise capital over the past several weeks, including a
Martore also provided updates on specific business initiatives, including:
Belo Corp.'s shareholder approval of the proposed transaction, which is expected to meaningfully accelerateGannett's transformation to a more highly diversified, higher margin company with a projected two-thirds of pro forma EBITDA generated by the Broadcast and Digital segments upon close. The transaction is expected to close by the end of 2013 and is subject to antitrust approval,Federal Communications Commission approval, and customary closing conditions.- The planned launch of a four-market pilot extension of the all-access content subscription model, beginning in early October in
Indianapolis, IN ,Rochester, NY ,Appleton, WI , andFort Myers, FL , in partnership with USA TODAY. The pilot will incorporate a new daily national and world news section from USA TODAY, among other enhancements, in the print editions and related e-Newspapers in these locations. - The expansion of the company's digital marketing services, which now operates under the brand name G/O Digital. These investments ensure that G/O Digital will continue to have the strong sales support it requires in existing
Gannett markets, and is ready to hit the ground running in Belo markets immediately upon the close of the transaction.
Investments associated with the pilot program and the expansion of digital marketing services are expected to be in the range of
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Forward Looking Statements
Certain statements in this press release may be forward looking in nature or "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995. The forward looking statements contained in this press release are subject to a number of risks, trends and uncertainties that could cause actual performance to differ materially from these forward looking statements. A number of those risks, trends and uncertainties are discussed in each company's
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SOURCE
Media - Jeremy Gaines, Vice President, Corporate Communications, 703-854-6049, jmgaines@gannett.com, or Investor inquiries - Jeffrey Heinz, Vice President, Investor Relations, 703-854-6917, jheinz@gannett.com