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| In this Aug. 5, 2014, file photo, specialist Michael Cacace, foreground right, works at the post that handles Gannett on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File) |
North Jersey Media Group, publisher of The Record, New Jersey's second-largest daily newspaper, has been purchased by Gannett, the biggest newspaper chain in the country.
Under the deal, Gannett will acquire The Record, nearly 50 community papers across North Jersey and other assets of North Jersey Media Group.
Employees were told of the sale during a staff meeting at noon on Wednesday. The financial details of the deal were not disclosed.
The 121-year-old Record was purchased by the Borg family in 1930 and operated for decades in a sprawling brick building on River Street in Hackensack until editorial operations were moved to Woodland Park in 2008.
"Gannett continues to execute on its local market growth strategy," said Robert Dickey, president and CEO of Gannett.
News of the pending sale was reported last month by the New York Post, citing an anonymous source. Both sides refused to comment on the potential sale.
North Jersey Media Group runs the website NorthJersey.com, which is populated with articles from The Record, the Herald News and 49 weekly publications.
Stephen A. Borg is listed as the publisher of The Record and the president of North Jersey Media Group. His father, Malcolm "Mac" Borg, is the chairman of the company.
In a message to employees Malcolm Borg wrote: "The Borg family will be leaving a business we have nurtured and loved for 86 years and which is now in its fourth generation, beginning with John Borg's ownership of what would become The Record and North Jersey Media Group."
The publisher of the Asbury Park Press, Tom Donovan, will take over as publisher "for the time being," according to the message. Stephen Borg will help with the transition.
Gannett owns the Asbury Park Press and five other newspapers in New Jersey.
Gannet will also acquire other North Jersey Media Group properties, including Bergen.com and (201) Magazine.
Craig McCarthy may be reached at CMcCarthy@njadvancemedia.com. Follow him on Twitter @createcraig. Find NJ.com on Facebook.
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