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CherryRoad Media CEO Jeremy Gulban, (Photo: Adam Anik via Facebook).

N.J. company buys four more newspapers from Gannett

CherryRoad Media now up to 71 weeklies in 12 states

By David Wildstein, September 20 2022 11:05 am

A Parsippany-based company has purchased four weekly newspapers in Massachusetts, bringing the total of local news acquisitions since 2020 to 71 papers across twelve states.

CherryRoad Media entered the news business in late 2021.  It’s run by Jeremy Gulban, a 47-year-old Denville resident and unaffiliated voter who is also the CEO of a software modernization company, CherryRoad Technologies.

Roughly two dozen of the sales to CherryRoad Media have been by Gannett, the struggling national newspaper chain that has been shedding some of their smaller properties.

“This is one of our ways to give back to our community by acquiring media houses that add so much value to our daily lives but are suffering the brunt of digital age by losing subscriptions,” Gulban said in a statement posted on his website.  “CherryRoad has a successful track record of enabling technologies that play an important role in the ‘digital fabric’ of the community and we will use this acumen to enhance the online experience of these media assets.”

The company has not purchased any New Jersey newspapers.  Gannett owns 31 weeklies across the state, although newspapers like the Montclair Times, Ridgewood News, the Nutley Sun and the Item of Millburn and Short Hills no longer resemble the kind of formidable journalism that once them multiple awards.

There is no indication that any of the New Jersey-based Gannett weeklies are for sale.

CherryRoad Media newspapers are located in Alabama, Arkansas, Colorado, Iowa, Kansas, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, Oklahoma, and Texas.

After losing $54 million in the second quarter of 2022, Gannett announced significant cost-cutting measures that has included about 400 layoffs.  With just ten days left in the third quarter,  Gannett stock is now at $2.14 per share, down from $6.18 per share seven months ago.

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