Gannett Acquires Equity Stake In Space.com
Posted on October 26, 2000Gannett Co., Inc. and Space.com, Inc. have announced the formation of a strategic media partnership in which Gannett becomes an equity investor in Space.com and Space.com acquires Gannett's space media properties for its portfolio of publishing, broadcast, Web and software businesses.
Gannett and Space.com have signed a definitive agreement in which Space.com acquires Space News newspaper, and spacenews.com and Florida Today's Space Online websites. Under the agreement, Gannett will provide cash investment, and the marketing and promotional support of its media assets including USA Today, and the company's regional newspapers, broadcast outlets and Internet properties, in exchange for an interest in Space.com. Closing is expected in November.
``We feel the combination of the assets of Space.com with Space News and Space Online will create a clear leader in delivering multimedia news and information about space,'' said Douglas H. McCorkindale, President and CEO of Gannett. ``Gannett and its shareholders will benefit from the partnership.''
``Space News and Florida Today's Space Online are powerful additions to Space.com's growing roster of media assets focused on space and aerospace,'' said Space.com Chairman and CEO Lou Dobbs. ``We are proud to have Gannett as our strategic partner and we believe our relationship will accelerate the extension of our multimedia brand strategy.''
Space News, a newsweekly publication dedicated entirely to space, is a business news source for decision-makers in industry, military and government. Spacenews.com provides daily space business updates. Space News' editorial coverage ranges from space policies, politics, legislation, business and finance to satellite communications, new products and advanced technologies. The Florida Today Space Online website features daily space news focusing on Cape Canaveral, major rocket launch information and special reports.