TEGNA sells Clipper Magazine to Valassis for undisclosed amount
When Gannett split into two companies – broadcast properties becoming the new company TEGNA, and newspaper properties into the new Gannett – the split of the asset didn’t always seem to make sense. For instance, the digital classified business one would think would be tied to the newspapers, but it went to TEGNA.
TEGNA sold Clipper Magazine, the local advertising product, to Valassis, the media and marketing services company headquartered in Livonia, Michigan (outside Detroit).
Clipper Magazine is one of the largest direct-mail publishers in the US, publishing 332 local editions in 27 states, and reaching 28 million homes.
“The combination of Valassis, Clipper and Printed Deals will result in an unequaled media portfolio for national, regional and local marketers while solidifying Valassis as the national leader in local promotional advertising. We are pursuing local promotional solutions through organic growth utilizing our national sales reach as well as rapidly accelerating the acquisition of solid local advertising companies that complement our business,” said Valassis CEO Victor Nichols.
Terms of the deal were not disclosed, but TEGNA is a public company so we’ll get some idea next time the company reports earnings. But it was surely a nice payday for the newly born broadcast company. Now, how much of this goes over to the newspaper side, that is what I’d like to know (my guess, zip).