The U.S. Justice Department's antitrust regulators cleared New Media Investment Group Inc.'s proposed acquisition of Gannett Co Inc.
The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 expired at 11:59 p.m. ET on Sept. 25, New Media disclosed in an SEC filing. The deal's closing remains subject to other conditions, including approval from New Media and Gannett shareholders and regulatory clearance from the European Commission.
New Media Investment in August agreed to buy USA Today owner Gannett in a cash-and-stock transaction. Gannett shareholders will receive $6.25 in cash and 0.5427 of a New Media share for each Gannett share they hold.
New Media expects to complete the transaction by year-end.
