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Expand chart
Data: UNC Center for Innovation and Sustainability in Local Media; Chart: Andrew Witherspoon/Axios

GateHouse Media and Gannett, the 2 largest newspaper chains in the U.S., officially announced a merger on Monday.

Why it matters: The combination of the two publishing powerhouses means that a single company would own 1 in every 6 newspapers in the United States, as Axios reported last month.

Between the lines: Shares of Gannett have soared this year while the holding company that owns GateHouse, New Media Investment Group, has seen its stock tumble into negative territory despite the S&P's strong overall performance.

  • Both companies saw a major boost to their stock performance when news of the merger was first reported on July 18.
  • The market clearly likes the merger, as GateHouse has a reputation for slashing costs and consolidating resources.
  • However, it may be a case of buy the rumor sell the news.
Expand chart
Data: Investing.com; Chart: Axios Visuals

Be smart: Unlike some recent mergers in broadcast and telecom — also legacy industries upended by technology — experts don't believe that the deal would cause any regulatory concerns because the companies don't really overlap in key markets.

  • "People get excited about consolidation among media properties, but I think these two companies still represent a small percentage of news publishing and I don't see in them any true antitrust concerns," says David Chavern, CEO of the News Media Alliance, a newspaper trade association that represents thousands of papers.

The big picture: Consolidation in the newspaper industry is rapidly increasing as consumers and advertisers flock to digital alternatives. Large, publicly-traded, newspaper holding groups are consolidating most of the power.

  • For example, a study from UNC's School of Media and Journalism last year found newspaper sales and closures/mergers via the 7 largest newspaper owners have increased over the past 5 years.

The bottom line: "I think this is part of a continuation of local news publishers trying to get to an economically sustainable business model," says Chavern.

Go deeper

19 mins ago - Politics & Policy

Scoop: Hundreds of Biden staffers receive COVID vaccine

Screenshots of an email inviting White House staff to receive the COVID-19 vaccine, obtained by Alayna Treene/Axios

A week into the job, President Biden's White House medical team has administered the coronavirus vaccine to several hundred staffers — and aims to vaccinate all in-person staff over the next few weeks, officials tell Axios.

Why it matters: The new administration is ramping up steps to protect President Biden and all staff working inside the White House complex. The administration is also requiring daily employee COVID tests and N95 masks at all times.

Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

The Leon Black clock strikes midnight

Illustration: Sarah Grillo/Axios

Leon Black is "retiring" as CEO of Apollo Global Management, the alternative investment giant he has led since co-founding it in 1990. But he is not making a full break, as Black will remain chair of Apollo's board of directors.

Why it matters: This is the culmination of 18 months of head-in-the-sand obfuscation of Black's dealings with Jeffrey Epstein.

Reddit traders look to pummel Wall Street's old guard

Illustration: Sarah Grillo/Axios

Reddit traders are taking on Wall Street pros at their own game with this basic mantra: Stocks will always go up.

Why it matters: Their trades — egged on in Reddit threads — have played a role in historic market activity in recent days.