GCI - Gannett Co., Inc.

NYSE - NYSE Delayed Price. Currency in USD
10.70
-0.05 (-0.47%)
At close: 4:02PM EDT

10.70 0.00 (0.00%)
Pre-Market: 8:39AM EDT

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Previous Close10.75
Open10.76
Bid10.65 x 900
Ask11.50 x 3000
Day's Range10.63 - 10.82
52 Week Range7.41 - 11.99
Volume651,323
Avg. Volume1,971,995
Market Cap1.226B
Beta (3Y Monthly)1.85
PE Ratio (TTM)88.43
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield0.64 (5.95%)
Ex-Dividend Date2019-09-13
1y Target EstN/A
Trade prices are not sourced from all markets
  • Are Investors Undervaluing Gannett Co. (GCI) Right Now?
    Zacks

    Are Investors Undervaluing Gannett Co. (GCI) Right Now?

    Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

  • GateHouse Media pays up to $425K over misclassification of newspaper carriers
    American City Business Journals

    GateHouse Media pays up to $425K over misclassification of newspaper carriers

    After eight years of litigation, GateHouse Media will pay up to $425,000 to settle a lawsuit with its newspaper carriers, who said they were misclassified as independent contractors.

  • Bloomberg

    Direct Lenders Are Poised to Pounce If Credit Volatility Extends

    (Bloomberg) -- Direct lenders are preparing to pounce on opportunities in credit markets after turbulence that deterred other investors.The high-yield bond and leveraged-loan markets have been rattled by trade jitters and fears of slowing global growth in August, with a raft of deals scrapped and continued outflows from funds that buy the debt. “This potentially creates pockets of opportunity for private credit,” said Drew Schardt, head of credit at private market investor Hamilton Lane. “The heightened volatility that we’re seeing now creates a bit of a borrower-lender disconnect, and the markets are trying to decide whether what we’re seeing right now is just fleeting volatility or indicative of a fundamental deterioration.”Sponsors are viewing non-bank lenders as “a safe haven -- a credit solution that doesn’t depend on the vagaries of the loan syndication market,” said Randy Schwimmer, head of origination and capital markets at Churchill Asset Management.“Money moving in and out of retail loan funds is not what drives the private debt market,” Schwimmer said. “It’s instead driven by private equity fundraising. That’s the fuel that feeds the financing pipeline for direct lenders. It remains plentiful and we see no signs of that abating.”August DealsPrivate credit investors are not without concerns, a major one being that the business cycle is about to turn. They’re navigating lower interest rates and slowing global growth, while the economy remains strong with low unemployment and a decent performance from borrowers.“Generally, folks want to lean-in to more defensive positions in the current environment,” Hamilton Lane’s Schardt said. “Private lenders are exercising caution in terms of how they’re structuring their deals, in terms of a willingness to move up the capital structure and a desire to shorten duration in some cases.”In some corners of private credit, spreads have even contracted as investors pile in to higher quality names, according to Ted Goldthorpe, head of credit at BC Partners. Unitranche debt for a solid borrower with strong sponsors that may have been priced at 575 to 600 basis points above the Libor benchmark a year ago is now in the 525 to 550 basis-point range, he said.Pricing for first-lien loans has held steady at around 400 to 450 basis points and second liens around 750 to 850 basis points above Libor, Goldthorpe said. Though falling Libor could be a headwind to the asset class, returns in middle market debt could still hit 7% to 9%, he said.“I still think middle market lending is still good relative value compared to other asset classes.” he said.To contact the reporter on this story: Kelsey Butler in New York at kbutler55@bloomberg.netTo contact the editors responsible for this story: Natalie Harrison at nharrison73@bloomberg.net, Sally Bakewell, Dawn McCartyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Is Gannett Co. (GCI) Stock Undervalued Right Now?
    Zacks

    Is Gannett Co. (GCI) Stock Undervalued Right Now?

    Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

  • Worcester mayor bashes GateHouse after longtime columnist cut
    American City Business Journals

    Worcester mayor bashes GateHouse after longtime columnist cut

    After 26 years at the Worcester Telegram & Gazette, columnist Clive McFarlane was laid off this week by parent company GateHouse Media, prompting Mayor Joseph Petty to declare, "There is no more real newspaper in the city of Worcester.”

  • Troubled USA Today deal looks like another nail in the coffin for journalism
    MarketWatch

    Troubled USA Today deal looks like another nail in the coffin for journalism

    The merger of Gannett and New Media Investments is off to a rocky start. The deal, says the New York Post, is now “hanging on for dear life.” No kidding. You have to wonder if New Media (NEWM) Chief Executive Officer Mike Reed and Gannett (GCI) CEO Paul Bascobert are quite as “excited” as they claimed to be before their shares took a pummeling.

  • Here’s how GateHouse stock woes could sink the Gannett merger
    American City Business Journals

    Here’s how GateHouse stock woes could sink the Gannett merger

    The merger of the two largest newspaper chains in the U.S. could be rejected by shareholders unless GateHouse Media's parent, New Media Investments, can manage to significantly raise its stock price in coming months.

  • Gannett (GCI) Catches Eye: Stock Jumps 7.8%
    Zacks

    Gannett (GCI) Catches Eye: Stock Jumps 7.8%

    Gannett (GCI) saw a big move last session, as its shares jumped nearly 8% on the day, amid huge volumes.

  • New Strong Buy Stocks for August 9th
    Zacks

    New Strong Buy Stocks for August 9th

    New Strong Buy Stocks for August 9th

  • New Media Investment Shares Jumped 23% Thursday as Deal Faces Heavy Scrutiny
    Motley Fool

    New Media Investment Shares Jumped 23% Thursday as Deal Faces Heavy Scrutiny

    New Media's merger with Gannett was so poorly received that the possibility of its falling through could be boosting the stock.

  • Leon Cooperman Keeps Buying New Media Investment as Stock Plunges
    GuruFocus.com

    Leon Cooperman Keeps Buying New Media Investment as Stock Plunges

    The value investor increased his position as the company announced it would acquire news giant Gannett Continue reading...

  • Publisher acquires 4 Lake Norman-area newspapers, talks future direction
    American City Business Journals

    Publisher acquires 4 Lake Norman-area newspapers, talks future direction

    Last week, Leslie Kahana bought four local newspapers from Mount Pleasant, Wisconsin-based American Hometown Publishing Inc.

  • Reuters

    CORRECTED-UPDATE 3-USA Today building in Virginia declared safe after report of armed man

    The suburban Washington office complex housing the headquarters of USA Today newspaper was evacuated on Wednesday because of reports of a man with a weapon inside, but a search of the property found no threat or evidence of a crime, police said. The gun scare at the USA Today headquarters in McLean, Virginia, coming amid frayed nerves following a string of deadly mass shootings, proved to be a "non-event," Fairfax County Police Chief Edwin Roessler Jr. told reporters. The incident began around noon local time, Roessler said, when police received an emergency-911 call from someone in the twin-tower complex reporting that a former employee was in the building armed with a weapon.

  • MarketWatch

    USA Today headquarters evacuated after mistaken report of person with weapon

    The headquarters of USA Today were evacuated Wednesday after what authorities said turned out to be a mistaken report of a person with a weapon, the newspaper reported. USA Today said police are continuing to investigate, but there has been no evidence of shooting and police have not located anyone with a weapon. USA Today's parent company Gannett Co. Inc. and New Media Investment Group Inc. said Monday they plan to merge.

  • New Media Investment Group (NEWM) Q2 2019 Earnings Call Transcript
    Motley Fool

    New Media Investment Group (NEWM) Q2 2019 Earnings Call Transcript

    NEWM earnings call for the period ending June 30, 2019.

  • Why New Media Investment Group Plunged Today
    Motley Fool

    Why New Media Investment Group Plunged Today

    The newspaper giant is acquiring its rival -- and investors aren't happy.

  • Barrons.com

    New Media Stock Plunges on Planned Merger With Gannett

    Terms call for each Gannett share (ticker: GCI) to be exchanged for $6.25 a share in cash and 0.5427 of a New Media share (NEWM). After the deal closes, current Gannett shareholders would own 49.5% of the combined company with New Media shareholders owning the other 50.5%. The combined company will take the Gannett name.

  • Bloomberg

    For USA Today, Pain Awaits No Matter the Buyer

    (Bloomberg Opinion) -- Better the devil with money than the devil without it.USA Today publisher Gannett Co. announced late Monday that it would sell itself to New Media Investment Group Inc. in a cash-and-stock deal valued at $1.9 billion including debt, or about $12.06 a share based on last week’s closing prices. The agreement combines the two largest newspaper publishers in America and comes just three months after Gannett successfully rebuffed a proxy fight launched by an Alden Global-backed newspaper group in a bid to force the board to consider its $12 a share takeover offer.In that fight, Gannett lambasted Alden’s penchant for aggressive cost cutting and seemingly endless journalist firings, saying these practices undercut “papers’ ability to produce quality journalism and retain subscribers.” But New Media is hardly a neophyte when it comes to cost cutting. At the end of the day, it appears it was really just about the money. New Media has clinched a term loan from Apollo Global Management to fund the takeover, whereas Alden’s bid lacked any firm financing commitments. Put another way, New Media was able to afford a Gannett takeover; Alden wasn’t.The $300 million in annual savings New Media is targeting from the merger of its GateHouse Media operations with Gannett is a huge number and implies a dizzying level of cost cuts. That’s nearly 7% of the companies’ combined sales over the past year. By comparison, when Gannett pursued Tribune Publishing Co. in 2016, the only public synergy number the company gave was $50 million. Gannett indicated at various points that the ultimate savings could be higher, but there’s no reason to think that in that contentious battle, the company was withholding the fact that synergies could in fact be six times as high.For the sake of argument, let’s say Gannett was really eyeing something more like $100 million in cost savings from a Tribune deal. That would have been a little over 2% of Tribune and Gannett’s combined sales in 2016. Another key difference is that at that point in time, Tribune was a relatively fatty newspaper company and needed some operational improvement. Gannett and GateHouse’s cost cuts will come on top of years’ worth of trimming.The companies say the savings will come from the increased scale of the organization, the sharing of best practices, leveraging existing infrastructure, facility rationalization and other “judicious” cost reductions, which I’m going to assume is a euphemism for job cuts. Against this backdrop of heavy cost cutting and the need for consolidation to survive, New Media does appear to be cutting its dividend, but the company expects to raise the payout over time as it repays debt.Speaking of debt, you know who doesn’t have very much of it anymore? Gannett’s former would-be partner, Tribune. The company had a net cash balance at the end of 2018 and just $48 million of net debt as of March, according to data compiled by Bloomberg. Recall that Tribune had reportedly attempted to rekindle merger talks with Gannett in the weeks before Alden-backed MNG Enterprises Inc. launched its pursuit of the company. Gannett staunchly defended its digital initiatives amid criticism from Alden about a lack of return. While it claims the New Media deal will help it accelerate its investments on that front, it remains unclear to me why it wouldn’t be preferable to tap Tribune’s relatively pristine balance sheet. A deal with Tribune is hardly without its own share of risks, though, in a time of declining circulation and advertising dollars.At the end of the day, I’m not sure there are any great options left for newspaper companies. New Media shares fell 7.6% on the news of the Gannett merger Monday and were down as much as an additional 17% on Tuesday. It's a sign that investors have their doubts about the companies’ ability to achieve the deal’s purported benefits. The decline also puts the offer price well below the $12 Alden Global had offered (albeit without ever giving a firm indication of the financing to back that up). This deal may be all about the money, but it says a lot that Gannett, the largest newspaper publisher by circulation, now views itself as a seller in this environment.To contact the author of this story: Brooke Sutherland at bsutherland7@bloomberg.netTo contact the editor responsible for this story: Beth Williams at bewilliams@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Executive turnover, high-interest debt to be part of Gannett-GateHouse merger
    American City Business Journals

    Executive turnover, high-interest debt to be part of Gannett-GateHouse merger

    When the details behind the long-rumored merger of the nation’s two largest newspaper chains were finally announced Monday, it became clear that private equity will once again play a big role.

  • Newspaper Publishing Industry Prospects Hinge on Digitization
    Zacks

    Newspaper Publishing Industry Prospects Hinge on Digitization

    Newspaper Publishing Industry Prospects Hinge on Digitization

  • TheStreet.com

    Dow Rebound?, Disney Reports, Barneys Files Chapter 11 - 5 Things You Must Know

    U.S. stock futures rise Tuesday, following Wall Street's worst day of the year, as China attempts to ease trade tensions with the U.S., Walt Disney to report earnings Tuesday; Barneys New York files for bankruptcy protection.

  • Benzinga

    Newspaper Chains Gannett, GateHouse To Merge, Project $275-$300M In Annual Synergies

    New Media Investment Group Inc. (NYSE: NEWM) and USA Today parent company Gannett Co., Inc. (NYSE: CGI) announced a definitive merger agreement Monday. Per the agreement, Gannett shareholders will receive $6.25 in cash and 0.5427 of a New Media share for each Gannett share they hold.

  • Barrons.com

    New Media to Buy Gannett in Merger of Newspaper Giants

    (GCI) publisher of USA Today and many other newspapers, agreed to be acquired by (NEWM) the parent of the newspaper holding company GateHouse Media, for $12.06 a share in cash and stock, or just under $1.4 billion. Each Gannett share (ticker: GCI) will be exchanged for $6.25 in cash plus 0.5427 of a New Media share (NEWM). Current Gannett holders will own 49.5% of the combined company and New Media shareholders will own 50.5%.