The deal for Gannett Co. Inc. to purchase Journal Media Group, which owns The Commercial Appeal
, could close today.
The companies announced Thursday that the U. S. Department of Justice has closed its review of the deal, which is worth $280 million. The federal government will also allow the companies to forgo the usual waiting period to close the deal.
With that, Gannett and Journal Media said in a news release Thursday afternoon that they expect to complete the transaction after Friday’s close of trading on the New York Stock Exchange, which is 3 p.m. CST.
On Oct. 7, 2015, Milwaukee-based Journal Media Group and McLean, Virginia-based Gannett announced a deal that would merge Journal Media (which was six months old at the time) into the Gannett portfolio of newspapers. Gannett said it would pay $280 million (or $12 a share to Journal Media stockholders) for the 15 daily papers and 18 weeklies that Journal Media owned in 14 markets.
Should the deal close today, Gannett will own all but one of Tennessee’s major daily newspapers. The Chattanooga Free-Times Press will remain privately held.