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Gannett shareholders today approved the sale of the daily newspaper chain to GateHouse Media, creating the newspaper group in the United States.
It will likely mean multiple layoffs and buyouts for reporters and other employees at eight New Jersey dailies owned by Gannett.
The Poynter Institute for Media Studies reported on Wednesday that newsroom staff cuts could come as early as next week.
“The advisory to editors is that 65% of the savings come from compensation to staff or stringers,” according to Poynter.
“We appreciate the support we have received from New Media and Gannett shareholders for the Merger,” said Michael Reed, Chairman and Chief Executive Officer of New Media, which owns GateHouse. “This combination will create the leading U.S. print and digital news organization with deep local roots and national scale. Together, we will be stronger, with a more viable path to growth for our shareholders and employees, while sustaining journalism in hundreds of markets across the country and enhancing the services we provide to small and midsized businesses nationally. We are extremely excited to embark upon this new chapter together as the new Gannett.”
Gannett currently operates The (Bergen) Record, the Herald News, the Daily Record, the Courier News, the Home News Tribune, the Asbury Park Press, the Courier-Post and the Daily Journal. GateHouse owns the Burlington County Times and the New Jersey Herald.