Gannett has arranged an early exit from a deal that had an investment firm managing the company, USA Today reported.
Gannett announced in December that it will pay FIG LLC, an affiliate of Fortress Investment Group, more than $30 million to end its management deal at the end of 2020. The deal had been arranged to run until the end of 2021.
Michael Reed, a Fortress employee who has been serving as Gannett's CEO and chairman, became an official employee of Gannett effective Jan. 1. He’s staying in his role as CEO and chairman, said USA Today.
As of the end of September, Fortress owned some 3% of Gannett's stock and around 40% of its outstanding warrants, said the paper.