MCLEAN, Va.--(BUSINESS WIRE)--Gannett Co., Inc. (NYSE: GCI) announced today that it has taken a minority equity position in Spirited Media for an undisclosed sum. Spirited Media operates the mobile news site Billy Penn in Philadelphia. The investment will allow Spirited Media to expand its mobile-first approach in the Philadelphia market and launch into new local markets.
“Gannett is pleased with its partnership with Spirited Media,” said Bob Dickey, CEO of Gannett. “The Spirited Media team has a proven track record of producing high-quality journalism and delivering engaging experiences for local markets. We look forward to working with Spirited Media as it embarks on its next phase of growth.”
“Gannett is the perfect partner for Spirited Media as we look to expand in Philadelphia and beyond,” said Jim Brady, Founder and CEO of Spirited Media. “As we look to create new economic and journalistic models for local media, I can’t think of any better partner than Gannett as they share our passion for journalism and commitment to innovation.”
Spirited Media plans to leverage its successful business model in Philadelphia— a blending of original and curated content, a heavy social media presence, an active voice, and a focus on local events— in new local markets.
“I am excited to leverage the model that has worked so well in Philadelphia,” Brady said. “The enthusiasm that young news consumers in Philly have shown for Billy Penn has been inspiring. I look forward to bringing that enthusiasm into new local markets.”
In less than two years, Billy Penn was named Philadelphia’s Startup of the Year at the 2015 Philadelphia Geek Awards, was nominated for a prestigious Online Journalism Award for its coverage of the Amtrak 188 disaster, was awarded a $106,000 grant by the Knight Foundation to produce a guide to mobile journalism, became the first digital-native partner of the Pulitzer Prize-winning PolitiFact, and became the first local independent news site invited to participate in Facebook’s Instant Articles launch.
District Capital Partners served as the sole financial advisor to Gannett Co., Inc.
About Gannett
Gannett Co., Inc. (NYSE: GCI) is a new kind of media company committed to strengthening communities across the nation. Through trusted, compelling content and unmatched local-to-national reach, the company touches the lives of more than 100 million people monthly. With more than 100 markets internationally, it is known for Pulitzer Prize-winning newsrooms, powerhouse brands such as USA TODAY and specialized media properties. To connect with us, visit www.gannett.com.
About Spirited Media
Spirited Media owns and operates Billy Penn, a mobile-first platform designed to connect citizens to relevant news and information about Philadelphia, and to drive civic engagement for a better city. The site – created by veterans of The Washington Post, Philadelphia Inquirer, Digital First Media, Pittsburgh Post-Gazette, the Patriot-News, Tribune Co. and WHYY’s NewsWorks — launched in October 2014. To learn more, visit Billy Penn, or follow us on Facebook, Twitter and Instagram.
