USA TODAY Co. to acquire The Detroit News from MediaNews Group

USA TODAY Co. (NYSE: TDAY) announced it has executed a binding letter of intent with MediaNews Group to acquire The Detroit News, according to a press release statement.

The Detroit News was founded in 1873 and has received recognition from the Michigan Press Association as Michigan Newspaper of the Year in 2022, 2023 and 2024. The publication operated under a joint operating agreement with the Detroit Free Press from 1989 until December 28, 2025, which combined advertising, printing and distribution services.

The Detroit Free Press and The Detroit News will continue to publish separately following the acquisition, the company stated.

USA TODAY Co. plans to fund the transaction using cash on its balance sheet and additional debt financing from funds managed by affiliates of Apollo (NYSE: APO). The company's existing senior secured credit facility has been amended and will carry an annual interest rate of SOFR plus a margin of 4.5% with a floor of 150 basis points.

"The acquisition of The Detroit News will be a strategic investment that strengthens the USA TODAY Network's audience and its portfolio of more than 200 local publications nationwide," said Michael Reed, chairman and chief executive officer of USA TODAY Co.

Guy Gilmore, chief operating officer of MediaNews Group, stated the agreement ensures the publications will continue serving the Detroit area with their distinct journalism.

The transaction is subject to customary closing conditions and is expected to close at the end of January. Financial terms were not disclosed.

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