Gannett Buys All of Depreciating ShopLocal’s Stakes
ADOTAS – Gannett has snatched ownership stakes in ShopLocal, a marketing and database company for Stateside retailers, from partners Tribune Company and The McClatchy Company. Gannett already owned 42.5% of the company; Tribune also owned 42.5%, while McClatchy owned 15%. Gannett didn’t report financial details of the transaction.
In a possible PR snafu, McClatchy issued a release reporting that it had sold its 15% stake for $7.875 million – meaning ShopLocal is worth $52.5 million. McClatchy said it expects $13.5 million in after-tax proceeds. The sale will be written off since it represents a loss (per a valuation, ShopLocal was worth about $85 million a few years ago).
ShopLocal will work in conjunction with Gannett’s PointRoll to create ads connecting advertisers and consumers, online and in brick-and-mortar stores.
“Only Gannett can combine the tools and innovation of ShopLocal with the marketing and creative acumen of PointRoll. This unique synergy will allow us to supercharge our ad services business and deliver more value to our customers,” said Jack Williams, president of Gannett Digital Ventures. “The end result will be a deeper, richer customer database, marketing and sales strategies that connect with advertisers’ needs and access to broader ad networks. This is a strategic win for everyone involved.”
Gannett publishes 85 daily newspapers in the U.S., including USA Today.
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