Shareholders voted Thursday to approve the merger between Gannett and GateHouse Media. The deal is expected to close on November 19.
The union of the two largest newspaper chains in the country, Gannett and GateHouse Media, will put more than 260 daily newspapers and 300 weeklies under the same roof.
The combined company will be called Gannett. New Media Investment Group, the parent of GateHouse Media, will acquire the smaller Gannett.
The new Gannett will be the biggest newspaper company in the U.S., with more than 550 newspapers and a combined print circulation of over 8 million.
Roughly one in four newspapers in the U.S. has shuttered since 2004, according to University of North Carolina research.
First announced in August, the deal has Gannett CEO, Paul Bascobert, heading the new company.
Michael Reed will remain chairman and CEO of New Media.
“This combination will create the leading U.S. print and digital news organization with deep local roots and national scale," Reed stated. "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.”
The deal is estimated to be worth around $1.2 billion.New Media shareholders will own 50.5% of the new company, while Gannett shareholders will hold 49.5%.