• by Ray Schultz , March 26, 2024

Gannett is repurchasing approximately $13 million of 6% first lien notes due on November 1, 2026 for roughly $12 million, the company announced on Tuesday. 

This transaction involving the newspaper publisher is expected to close on Thursday.

"By working with our lenders, we are continuing to opportunistically take out senior notes below par value, and this latest repurchase builds upon the agreements announced in November and September of 2023," says Michael Reed, chairman and CEO of Gannett.

Reed adds that Gannet expects to “repay at least $110 million in 2024 through non-strategic asset dispositions and continued free cash flow improvement."

Gannett has also been on a cost-cutting mission, and will stop using Associated Press content later this month. It also has been reducing its real estate and moving toward a hybrid work model without newsrooms in some places.