Thursday, February 25, 2010
Honolulu, Hawaii -- Gannett Co., Inc. (NYSE: GCI) and Oahu Publications, Inc. (OPI) announced today they have reached an agreement for OPI to acquire The Honolulu Advertiser and related assets including website, non-daily publications and Gannett's interest in Hawaii.com. Gannett will maintain its ownership of 605 Kapiolani Blvd., Honolulu. The financial terms were not disclosed.
"We have been very pleased and proud to be part of the Hawaii journalism community all these years but felt OPI's offer to buy The Advertiser and its related assets was the right course for Gannett at this time," said Bob Dickey, president of Gannett's U.S. Community Publishing. "We greatly appreciate all of the hard work and contributions our employees have made and know that they will continue to do a terrific job serving this market in the years to come."
"We are pleased to be able to purchase The Advertiser, a strong and excellent newspaper. We will endeavor to continue the tradition of good Hawaiian newspaper stewardship as exemplified in modern times by Twigg Smith and Gannett," said David Black, chairman of OPI.
The sale is subject to regulatory and other approvals and is expected to close in the second quarter of 2010. Because the Star Bulletin and The Honolulu Advertiser are daily newspaper competitors, OPI has discussed the purchase of The Advertiser with the Department of Justice and the Attorney General of Hawaii.
The Honolulu Advertiser was founded in 1856. Gannett purchased the paper in 1993.
Gannett Co., Inc. (NYSE: GCI) is an international news and information company operating on multiple platforms including the Internet, mobile, newspapers, magazines and TV stations. Gannett is an Internet leader with hundreds of newspaper and TV Web sites; CareerBuilder.com, the nation's top employment site; USATODAY.com; and more than 80 local MomsLikeMe.com sites. Gannett publishes 83 daily U.S. newspapers, including USA TODAY, the nation's largest-selling daily newspaper, and more than 650 magazines and other non-dailies including USA WEEKEND. Gannett also operates 23 television stations in 19 U.S. markets. Gannett subsidiary Newsquest is the United Kingdom's second largest regional newspaper company with 17 daily paid-for titles, more than 200 weekly newspapers, magazines and trade publications, and a network of Web sites.
OPI is a private company that owns and publishes the Star-Bulletin daily newspaper, Midweek and other weekly newspapers and magazines. OPI also manages Internet sites and is engaged in commercial printing. The company was established in 2001. Its majority shareholder is Sound Publishing Holding Inc., a subsidiary of Black Press Ltd. Local shareholders include Jeffrey and Lynn Watanabe, Duane Kurisu, Larry and Claire Johnson, Island Holdings Inc., Daniel Case, and CS Wo and Sons Ltd.