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Fly News Breaks for August 6, 2019
NEWM, GCI
Aug 6, 2019 | 08:00 EDT
Noble Capital analyst Michael Kupinski downgraded Gannett (GCI) to Market Perform from Outperform after the company announced a deal to be acquired by New Media Investment Group (NEWM) for roughly $1.4B in cash and stock. He does not foresee regulatory issues or problems with shareholder approval and anticipates a fairly quick closing, noted Kupinski, who thinks it is unlikely that another higher offer emerges.
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