Gannett Co.Inc.'s planned acquisition of Journal Media Group Inc. will not close during the firstquarter due to pending regulatory approvals.
Gannett said March 30 that the company is continuing to workthrough the review process with the U.S. Department of Justice and looksforward to closing the transaction on a timely basis.The deal has had its critics, some of which even filed a lawsuit designed tostop the merger.
Gannett in October 2015 signed an to acquire Journal Media forabout $280 million, net of acquired cash. Journal Media Group shareholders, whoapproved thetransaction in a March 1 special meeting, will receive $12.00 per share in cash.