Gannett (NYSE: GCI) has sold off The Honolulu Advertiser and related assets including website, non-daily publications and its interest in Hawaii.com, to its local arch rival Oahu Publications, owner of Honolulu Star-Bulletin. The deal is expected to close during Q2, and the two companies have already started speaking to regulatory authorities, they said. Financial terms were not disclosed.
Lots of nuances and ironies here: Gannett used to own Honolulu Star-Bulletin, until 1993, when it sold the paper to a Florida-based partnership, in return for then buying Honolulu Advertiser, avoiding the prevailing of antitrust law issues.
Then HSB was sold off again in 2000 to Black Press of Victoria, British Columbia, Canada, and administered by a council of local Hawaii investors, collectively caled Oahu Publications. The two papers broke off their long-standing JOA in 2000 when HSB was sold off. Now, back to real integration; though no indication was given whether the two papers will be folded in together, it seems likely that will happen.
OPI first made the offer to buy the Gannett paper, the companies say.
Oahu Publications to Acquire Honolulu Advertiser
HONOLULU–(BUSINESS WIRE)–Gannett Co., Inc. (NYSE:GCI – News) 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