Journal Media Group stockholders will receive $12 per share in cash in the deal, which was approved by shareholders on March 1. Credit: Mike De Sisti

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Gannett Co. Inc. closed Friday on its $280 million acquisition of Journal Media Group Inc., the parent company of the Milwaukee Journal Sentinel and 14 other newspapers.

The transaction, which also includes the affiliated digital assets of the newspapers, was to take effect at 10:59 p.m. CDT Friday, according to a statement by the companies.

With the acquisition, McLean, Va.-based Gannett will operate USA TODAY and 107 dailies in 34 states and Guam, in addition to Newsquest in the United Kingdom, with its 150 local digital and print news brands.

"Today's announcement marks an important milestone as we combine two award-winning media companies with a passion for delivering outstanding news and information, each focused on digital growth across all platforms and devices and being the market leaders in our communities," Robert Dickey, president and chief executive officer of Gannett, said in a statement.

Dickey continued: "As the largest local-to-national media network in the U.S., this creates a portfolio of more than 100 local markets across the U.S., plus USA TODAY.

By expanding our footprint, we further enhance the depth and breadth of our news-gathering capabilities, supported by USA TODAY NETWORK. Together we will grow our innovative products and best practices while providing added value to our consumers and advertisers, expanding the content offerings in our extensive portfolio and increasing the number of local markets we serve."

In a separate email to Journal Media Group employees, Dickey said:

"Our combined company is financially strong, too, with more than $3 billion in revenue and a sound balance sheet. We will continue to build upon our financial strengths while making Gannett the employer of choice for top talent in our field."

The closing of the transaction follows the receipt of all necessary regulatory approvals and the consent of Journal Media Group shareholders, who receive $12 per share in cash.

Milwaukee-based Journal Media Group common stock will cease trading after the close of the market Friday and no longer will be listed on the New York Stock Exchange. Gannett will continue trading under the ticker symbol "GCI."

In addition to the Journal Sentinel, Journal Media Group includes: The (Memphis) Commercial Appeal and the Knoxville News Sentinel in Tennessee; The (Redding) Record-Searchlight and Ventura County Star in California; the Naples Daily News and The Treasure Coast Newspapers in Florida; the Evansville Courier & Press in Indiana; The (Henderson) Gleaner in Kentucky; The (Anderson) Independent Mail in South Carolina; the Abilene Reporter-News, Corpus Christi Caller-Times, San Angelo Standard-Times and Wichita Falls Times Record News in Texas; and the Kitsap Sun in Washington.