USA Today Co., which owns the Detroit Free Press, said Monday that it plans to acquire the Detroit News and bring both major metropolitan newspapers under its banner.
The Detroit News and the Detroit Free Press recently ended an almost 40-year agreement that allowed the two papers to operate in the same city and merge aspects of their business operations.
According to a statement from USA Today Co., the newspaper publisher formerly named Gannett, both newspapers will continue to publish separately. The company provided little other information on the planned operation of the daily newspapers.
The statement also did not disclose a price of the sale.
USA Today Co., which publishes the largest chain of newspapers in the U.S., said the sale is being funded through cash and financing managed by Apollo Global Management, the private equity firm that funded New Media Investment Group Inc.’s 2019 acquisition of Gannett.
The deal is expected to close “at the end of the month.”
The two newspapers have both been in operation for over 100 years. The Detroit News has won three Pulitzer prizes and the Detroit Free Press has won 10.