Gannett and Multimedia enter into a merger agreement by which Gannett will acquire Multimedia.ARLINGTON, Va. and GREENVILLE, S.C.--(BUSINESS WIRE)--July 24, 1995--Gannett Co. Inc. and Multimedia Inc. have entered into a merger agreement by which Gannett will acquire Multimedia, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. an announcement made today by John J. Curley, chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Gannett, and Donald D Donald D is a rapper originally from North Carolina. In New York, he started his career as a rapper, as part of The B-Boys, working with Afrika Islam and Grandmaster Flash. . Sbarra, chairman and CEO of Multimedia. The boards of directors of both companies unanimously approved the merger yesterday. Closing is expected to occur as soon as Multimedia shareholder and regulatory approvals are obtained. Under the agreement, Gannett will pay Multimedia shareholders $45.25 for each of the 37,865,078 shares outstanding, for a total price in excess of $1.7 billion. Gannett will also assume or retire Multimedia's existing debt. The purchase price will be adjusted if Multimedia's debt at Dec. 31, 1995 exceeds a specified level. Already the nation's largest newspaper publisher, the transaction will mean that Gannett's television stations will reach more than 14 percent of U.S. television homes. Gannett is also gaining several daily newspapers, including three in the booming Sunbelt markets of Asheville, N.C., Greenville, S.C., and Montgomery, Ala. Daily circulation of Gannett newspapers will surpass 6.4 million when the transaction is completed. Further, the purchase marks Gannett's entry into cable. Multimedia Inc. is a diversified media company, headquartered in Greenville, S.C., which publishes 11 daily and 49 non-daily newspapers, operates five network-affiliated television stations in Cleveland, St. Louis, Cincinnati, Knoxville, and Macon, Ga., and two radio stations, also in Macon. Its cable television franchises serve more than 450,000 subscribers in five states. In addition, Multimedia Security Service monitors more than 76,000 security alarm subscribers, while Multimedia Entertainment produces first-run syndicated television programming, including Donahue, Sally Jessy Raphael Sally Jessy Raphael (born Sally Lowenthal on February 25 1935 in Easton, Pennsylvania, U.S.[1]) is an American talk show host. Early years Raphael was born in Easton, in the Lehigh Valley region of Pennsylvania. , Jerry Springer This article is about Jerry Springer himself. For the 1998 "Weird Al" Yankovic song, see Jerry Springer (song). For the talk show of the same name, see The Jerry Springer Show. , and Rush Limbaugh Rush Hudson Limbaugh III (born January 12, 1951) is an American conservative radio talk show host and political commentator. Born in Cape Girardeau, Missouri, he is a self-described conservative, who discusses politics and current events on his program, . Gannett is a nationwide news and information company that publishes 82 daily newspapers, including USA TODAY USA Today National U.S. daily general-interest newspaper, the first of its kind. Launched in 1982 by Allen Neuharth, head of the Gannett newspaper chain, it reached a circulation of one million within a year and surpassed two million in the 1990s. , and USA WEEKEND, a newspaper magazine. Gannett also operates 10 television stations, 11 radio stations and the largest outdoor advertising company in North America. Sbarra said, "We are delighted that Multimedia will become part of Gannett, one of the USA's premier media companies. We look forward to the continued success of our operations under Gannett's leadership. This is an excellent result for our shareholders, employees and the communities we serve." Curley said, "We are extremely pleased to be the successful bidder for Multimedia. The quality of Multimedia's management and employees and its well-located assets will enhance Gannett's position as a leading news and information provider." In 1994, Multimedia reported operating revenues of $630.5 million and operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $189.4 million. Gannett's operating revenues totaled $3.8 billion, while operating income was $812.8 million. CONTACT: Gannett Co. Inc., Arlington Mimi Feller, 703/284-6046 (office), 202/363-4335 (home) Sheila Gibbons Famous people named Gibbons include:
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