USA TODAY Co. Announces Execution of Binding Letter of Intent with MediaNews Group
Company to acquire The Detroit News
USA TODAY Co., Inc. (NYSE: TDAY) announced the execution of a binding Letter of Intent (LOI) with MediaNews Group, a subscriber focused media company, to acquire The Detroit News.
The Detroit News was founded in 1873 and continues to earn recognition for its commitment to strong journalism in various formats. The award-winning publication has been named Michigan Newspaper of the Year three times by the Michigan Press Association (2022, 2023 and 2024) with columnists and reporters frequently recognized for their investigative reporting, sports writing, and digital presentation. In 1989, a joint operating agreement (JOA) between the Detroit Free Press and The Detroit News was created to combine advertising, printing, and distribution services which ended on December 28, 2025.
“The acquisition of The Detroit News will be a strategic investment that strengthens the USA TODAY Network’s audience and its portfolio of more than 200 local publications nationwide and reinforces our commitment to local journalism in the Detroit metropolitan area,” said Michael Reed, Chairman and Chief Executive Officer of USA TODAY Co. “Welcoming The Detroit News fully to our network will enable the continued delivery of trusted, high-quality news and content to our audiences and advertisers in the region.”
The Detroit Free Press and The Detroit News will continue to publish separately.
“We are pleased to reach this agreement with USA TODAY Co. now that the Joint Operations Agreement has expired after decades of successful operations,” said Guy Gilmore, COO MediaNews Group. “Both companies have a mutual desire to ensure that these publications and their distinct journalism continue to serve the greater Detroit area.”
Financing for the transaction is being funded partially with cash on the balance sheet, and in part with incremental debt financing from funds managed by affiliates of Apollo (NYSE:APO). As part of the financing, certain terms of USA TODAY Co.’s existing senior secured credit facility have been amended and the facility will bear interest at an annual rate equal to SOFR plus a margin of 4.5% with a floor of 150 basis points.
“Apollo continues to be a great financing source for USA TODAY Co.,” continued Reed. “Their commitment enables us to fund this strategic acquisition, which we expect to be accretive to both earnings and cash flow, while also strengthening our balance sheet through improved financing terms, including a 50-basis point reduction in our interest rate. Their capital solutions help position the company to create value for shareholders.”
The closing of the transaction is subject to customary closing conditions. The transaction is anticipated to close at the end of the month. Deal terms will not be disclosed.