By: E&P Staff
Gannett announced today that it has acquired HomeTown Communications, a publishing group that has one daily and 62 weekly and biweekly community papers throughout Michigan, Ohio, and Kentucky.
Terms of the deal, still subject to regulatory review, were not disclosed.
HomeTown Communications employs 780 people and produces an estimated $86 million in revenues. In addition to the community papers and recently launched Daily Press & Argus in Livingston County, Mich., the company publishes 24 community telephone directories.
?HomeTown’s publications are an excellent fit with Gannett’s operations in these growth areas of Michigan, Ohio, and Kentucky,? said Gary Watson, president of the Gannett’s Newspaper Division, in a statement. ?We’re very pleased that company founder Philip Power and his wife Kathleen looked to Gannett when they decided to retire. The Powers made very smart decisions in the nearly 40 years they owned and operated HomeTown and we plan to continue in that tradition.?
Philip Power, HomeTown’s chairman, said in a release: ?Gannett is one of the world’s largest newspaper companies, with a demonstrated track record of capable professional management, great financial stability, and high community involvement. I wanted the newspapers, telephone directories and other publications that I spent so much of my career building to wind up in good hands after I left. I believe Gannett’s hands are the best available.?