The final sale price for Milwaukee Journal Sentinel parent Journal Media Group was $297 million, according to a document that buyer Gannett Co. Inc. filed with the SEC on Monday.
McLean, Va.-based media company Gannett closed on the acquisition, previously estimated at a value of $280 million, Friday afternoon. It financed the transaction with a combination of cash and debt from its revolving credit facility.
Milwaukee-based Journal Media Group will now operate as a subsidiary of Gannett. Its shareholders each received $12 cash per share in the transaction.
Investors have reacted favorably to the acquisition. Gannett’s stock was up 11 cents in trading this morning, to $15.49. The stock was at $15.05 on April 7, just prior to the announcement that federal regulators had cleared the transaction for completion on April 8.
The planned acquisition was announced in October and was approved by Journal Media Group shareholders in March.
