Gannett Rises on Investment, Paper Changes

Gannett shares are rising after an announcement that a major shareholder had doubled its stake in the company.
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Shares of Gannett (GCI) - Get Report were rising Monday after an announcement last week that a major shareholder had doubled its stake in the company.

On Thursday, Ariel Investments said it had increased its holdings in Gannett, which owns

USA Today

, among other media outlets, to 28.7 million shares as of March 31 from 11.1 million shares on Dec. 31., thereby raising its stake to 12.5% from 4.8%.

On Monday,

The Associated Press

reported that several nondaily papers in Oakland County, Mich., will cease or merge publications, resulting in 44 jobs cut. Gannett shares were recently up 6.4% to $3.99.

Elsewhere:

New York Times

(NYT) - Get Report

was down 2.4% to $5.28.

McClatchy

(MNI) - Get Report

was down 3.3% to 59 cents.

Washington Post

(WPO)

was down 2% to $380.91.

A.H. Belo Corp.

(AHC) - Get Report

was down 2.9% to $1.65.