AUSTIN (Talk1370.com) -- The Austin American-Statesman and its related community newspaper and digital properties are changing hands, according to an announcement released Wednesday.
Hearst, which already owns the Houston Chronicle and San Antonio Express-News, will acquire the Statesman properties from Gannett Co. in a transaction expected to close by the end of March.
“The sale of the Austin American-Statesman from our portfolio is a strategic decision that will complement the Hearst brand while positioning Gannett and the USA TODAY Network of more than 200 local publications for future growth," said Michael Reed, chairman and CEO of Gannett.
In addition to the Statesman, community newspapers including the Bastrop Advertiser, Lake Travis View, Pflugerville Pflag, and the Round Rock Leader are also included in the sale.
"This acquisition complements Hearst's set of newspapers and reinforces our commitment to delivering high-quality journalism,” said Jeff Johnson, president of Hearst Newspapers. "It aligns with our strategy to invest in thriving communities with strong potential. We look forward to welcoming the Austin American-Statesman team to Hearst, joining 2,300 committed Hearst Newspapers professionals across the country.”
According to a release, Hearst's newspaper division publishes 26 dailies and 52 weeklies across the country. The company also owns a number of television stations and magazines, and has stakes in cable television networks including ESPN.
It's the second time in less than 10 years that the paper has been sold. Cox Enterprises sold the Statesman in 2018 to GateHouse Media; a year later, GateHouse acquired Gannett Co., in a move that created the nation's largest newspaper chain.
Terms of the sale to Hearst were not disclosed. According to reports, GateHouse paid $47.5 million to acquire the paper from Cox in 2018.
