Monday, June 27, 2016
ReachLocal Acquired By Gannett For $156M
Woodland Hills-based ReachLocal is being acquired by publishing giant Gannett Co., in a deal worth approximately $156M, the two companies said on Monday afternoon. ReachLocal said Gannett would pay $4.60 per share in cash for the company. VantagePoint Venture Partners and Rho Ventures--who own approximately 40% of ReachLocal--said it had agreed to tender their shares to Gannett as part of the acquisition deal. Gannett said it would use the acquisition of ReachLocal to accelerate its digital growth efforts. ReachLocal helps small and medium sized businesses place and buy online advertising.