Fried Frank acted as counsel to Greenhill & Co. and Goldman Sachs as financial advisors to Gannett Co. in its US$1.4 billion merger with New Media Investment Group. Under the terms of the transaction, New Media will acquire Gannett for a combination of cash and stock. The merger brings together portfolios of two leading local newspaper companies, and includes USA TODAY, Gannett's flagship brand, and its more than 160 brands in the UK, which will significantly expand the existing USA TODAY network. The transaction is expected to close by the end of 2019.
The Fried Frank team was led by corporate partner Philip Richter and included corporate associate Roy Tannenbaum.