FOR IMMEDIATE RELEASE
Monday, July 24, 2000
ARLINGTON, VA/PHOENIX, AZ - Gannett Co., Inc. and Central Newspapers, Inc.
announced today the expiration of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act applicable to Gannett's pending
acquisition of Central Newspapers.
As previously announced, Gannett and Central Newspapers have entered into
a merger agreement pursuant to which a wholly owned subsidiary of Gannett
commenced on July 3, 2000, an all-cash tender offer for all of Central's
outstanding Class A and Class B common stock at prices of $64.00 and $6.40 per
share, respectively. The tender offer and withdrawal rights are scheduled to
expire at 12:00 midnight, New York City time, on Monday, July 31, 2000 unless
extended.
Gannett Co., Inc. is an international news and information company that
publishes 93 daily newspapers in the USA, including USA TODAY, the nation's
largest-selling daily newspaper. The company also owns in excess of 200
non-daily publications and USA WEEKEND, a weekly newspaper magazine. In the
United Kingdom, Gannett subsidiary Newsquest plc publishes nearly 300 titles,
including 15 daily newspapers. Gannett also operates 22 television stations in
the United States and is an Internet leader with sites sponsored by most of its
TV stations and newspapers including USATODAY.com, one of the most popular news
sites on the Web.
Central Newspapers is a media and information company. Through
its flagship newspapers The Arizona Republic and The Indianapolis Star, Central
publishes the only major dailies in the greater Phoenix metropolitan area and
central Indiana, and also operates those markets' leading local Internet
portals, azcentral.com in Arizona and indy.com in Indianapolis. Central also
owns and operates several smaller newspapers as well as other related media and
information businesses.
4
<PAGE>
The parties are required to file documentation with the Securities and
Exchange Commission concerning this transaction. WE URGE INVESTORS TO READ THE
SCHEDULE TO, THE SCHEDULE 14D-9 AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE
FILED WITH THE SEC, WHEN THEY BECOME AVAILABLE, BECAUSE THEY CONTAIN IMPORTANT
INFORMATION. You may obtain a free copy of the documents filed by Gannett or
Central with the Commission at the Commission's web site at www.sec.gov. In
addition, documents filed with the SEC by Gannett or Central are available free
of charge by directing a request to the Secretary of Gannett at 1100 Wilson
Boulevard, Arlington, VA 22234 and the Secretary of Central at 200 E. Van Buren
Street, Phoenix, AZ 85004, respectively.
Central, its directors, executive officers and certain other members of
Central management and employees in the future may be soliciting proxies from
Central shareholders in favor of the merger transaction and may have an
interest either directly or indirectly by virtue of their security holdings or
otherwise. In such case, information concerning the participants will be set
forth in a Proxy Statement that will be filed with the SEC. Information
regarding such officers and directors is included in Central's Definitive Proxy
Statement for its 2000 Annual Meeting of Stockholders filed with the Commission
on April 4, 2000 and the Schedule 14D-9 filed with the Commission on July 3,
2000. This document is available free of charge at the Commission's web site at
http://www.sec.gov and from Central at the address set forth above.
<TABLE>
<S> <C>
-------------------------
Gannett Contacts:
Gannett Co., Inc. ORMimi Feller, Sr. V.P. of Public Affairs
Tara Connell, Office of Public Affairs and Government Relations
703/284-6038 or 6049 703/284-6046
[email protected]
Central Contacts:
Central Newspapers, Inc. OR Brainerd Communicators
Tom MacGillivray, Sr. Vice President Jeff Majtyka
& CFO 212/986-6667
602/444-1100 [email protected]
</TABLE>
# # #
5
