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On Monday it was announced that Gannett Inc., parent company of the Times Herald in Port Huron, had entered into a definitive merger agreement with New Media Investment Group Inc. under which “New Media” will acquire Gannett through their subsidiary, Gate-House Media; this is according to Gannett’s website. Paul Bascobert, a Michigan native, has been named CEO of the new subsidiary company. In addition to the Times Herald, Gannett also owned several other newspaper and media outlets locally and nationwide including the Detroit Free Press, the Lansing State Journal, and USA Today. In a news release by New Media Investment Group, they purchased Gannett for $12.06 per share which works out to be close to 1.4 billion dollars.