JP Morgan has become Gannett’s largest shareholder after increasing its shares in the newspaper publisher by 10.2 per cent, from 7.4 million to 24.3 million, The New York Post reports.
As a result, according to The Post, shares in Gannett shot up 7% yesterday after Gannett disclosed its filings, eventually settling at $16.59, up 3.4%, which translated to a gain of $13.4 million for JPMorgan.
Gannett is America’s largest newspaper publisher, churning out more than 85 daily newspapers, including USA Today.
But like most newspaper publishers, Gannett has been forced to deal with a steady decline in advertising revenue, which has resulted in lay-offs and the widespread inability to pay loans.
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