Tuesday, September 27, 2005

Gannett Gets 95% Of Detroit Newspapers, MediaNews Filing Reveals

Under the restructured joint operating agreement (JOA) in Detroit, Gannett Co. now controls a 95% stake in the partnership with MediaNews Groups, according to a filing with the U.S. Securities and Exchange Commission (SEC).
In its annual report filed Monday, MediaNews reveals for the first time that its share of the new limited partnership is just 5%, and that it will not be sharing in profits of the jointly produced Detroit Free Press and Detroit News until 2009 at the earliest. Instead, it will receive fixed monthly payments, MediaNews said.
The MediaNews share is far less than the 30% cut that most industry observers guessed the Denver-based company would receive.

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