Gannett Co., Inc. (NYSE: GCI WI) announced that at its investor meeting in New York City today, new Gannett President and Chief Executive Officer Robert J. Dickey and his senior leadership team presented the company’s go-forward strategic plan following its spin-off from Gannett Co., Inc., which is expected to be completed June 29, 2015. Upon completion of the separation, new Gannett, which will include its publishing properties and affiliated digital assets, will retain the name Gannett Co., Inc., and will trade on the New York Stock Exchange under the ticker symbol GCI.
“With industry-leading assets, the largest publishing portfolio by revenue, and an experienced core management team, new Gannett will have unmatched competitive positioning and the financial flexibility necessary to invest in innovation and make strategic acquisitions in a consolidating industry while delivering attractive returns to our shareholders,” said Dickey. “We will begin virtually debt-free and are well positioned to aggressively pursue marketplace synergies and gain a presence in additional local markets to broaden our scale and footprint.”
Dickey continued, “With nearly 20,000 employees and more than 4,000 journalists, providing top-notch, award-winning content and deep local-to-national reporting will continue to be our top priority. We have revolutionized our content and delivery methods over the last few years and look forward to continuing that strong momentum as a more nimble, highly focused independent company.”
Gannett initially will be virtually debt-free and expects to pay a regular cash dividend of $0.64 per share annually and to commence a $150 million share repurchase program to be completed over a three-year period. It expects to continue to invest in the business through organic growth initiatives and potential acquisitions while returning capital to shareholders. Concurrent with the separation, Gannett expects to enter into a $500 million revolving credit facility to provide additional flexibility.
Forward Looking Statements
Certain statements in this press release may be forward looking in nature or constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “estimate,” “could,” “should,” “intend,” “may,” “plan,” “seek,” “anticipate,” “project” and similar expressions, among others, generally identify “forward-looking statements,” which speak only as of the date the statements were made. The matters discussed in these forward-looking statements are subject to a number of risks, trends and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements. A number of those risks, trends and uncertainties are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s registration statement on Form 10. Any forward-looking statements should be evaluated in light of these important risk factors. The Company is not responsible for updating or revising any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
A webcast of today’s presentations will be available at www.gannett.com and will be archived in the “Investor Relations” section of the company’s web site.
About new Gannett
Gannett Co., Inc. (NYSE: GCI) is a new kind of media company committed to strengthening communities across the nation. Through trusted, compelling content and unmatched local-to-national reach, the company touches the lives of nearly 100 million people monthly. With more than 100 markets internationally, it is known for Pulitzer Prize-winning newsrooms, powerhouse brands such as USA TODAY and specialized media properties. To connect with us, visit www.gannett.com.
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