The merger, valued at roughly $1.2 billion, creates the largest newspaper company in the country. The combined entities claim more than 260 dailies and 300 weeklies.
Annual savings, estimated at around $300 million, are expected to come from the merger, though Michael Reed, who remains chairman of the board and CEO of the combined public company, stated cuts would not come from editorial, The New York Times reports.
Other leadership roles: Alison Engel will serve as CFO and Paul Bascobert as CEO of the operating company. The new company is searching for a Chief Marketing Officer.
Reporting to Bascobert are: Kris Barton, Chief Product Officer; Alison Engel, Chief Financial Officer; Jay Fogarty, senior vice president, corporate development; Kevin Gentzel, Chief Revenue Officer; Samantha Howland, Chief People Officer; Adam Reinbach, CEO & president, BridgeTower Media; Polly Grunfeld Sack, general counsel; Bill Scanlon, interim head of UpCurve; Bernie Szachara, president, U.S. Publishing Operations; Jason Taylor, president, events and promotions; Maribel Wadsworth, president, news and publisher, USA TODAY; Henry Faure Walker, CEO, Newsquest Media Group.
The merger was first announced in August.
Separately, Tribune Publishing announced that Alden Global Capital, LLC, purchased 9,071,529 shares, making it the company’s largest shareholder.
Tribune Publishing’s Board of Directors is currently in discussion to increase the size of the board from six to eight members.
Alden Global Capital’s publishing division, known as MNG Enterprises (previously Digital First Media), attempted a hostile takeover of Gannett earlier this year. The deal was rejected by Gannett as not credible.