Hearst to acquire Austin American-Statesman, strengthening its newspaper portfolio

Hearst, a global diversified information, services and media company, has announced an agreement to acquire the Austin American-Statesman from Gannett Co., Inc.

The announcement was made by Hearst President and CEO Steven R. Swartz, and Gannett Chairman and CEO Mike Reed. Terms were not disclosed, and the transaction is expected to close in Q1.

The Austin American-Statesman — a trusted source for breaking news, politics and business serving the dynamic Austin market — will continue to provide its readers with cutting-edge news, in-depth analysis and comprehensive coverage of local events.

Jeff Johnson, president, Hearst Newspapers: “This acquisition complements Hearst's set of newspapers and reinforces our commitment to delivering high-quality journalism. It aligns with our strategy to invest in thriving communities with strong potential. We look forward to welcoming the Austin American-Statesman team to Hearst, joining 2,300 committed Hearst Newspapers professionals across the country.”

Hearst Newspapers — the operating group responsible for Hearst’s newspapers, local digital marketing services businesses and directories — publishes 26 dailies and 52 weeklies across the U.S.

Reed: “Hearst has a stellar reputation in the publishing industry and their values are uniquely aligned with ours. The sale of the Austin American-Statesman is a strategic decision that will complement their brand while positioning Gannett and the USA TODAY Network of more than 200 local publications for future growth. We are confident Hearst will be a great home for our Statesman colleagues.”

www.hearst.com

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