Market Overview

J.P. Morgan Reports 10.2% Stake in Gannett


J.P. Morgan Chase & Co. (NYSE: JPM) reported late Tuesday that they have increased their stake in troubled publisher of USA Today, Gannett (NYSE: GCI), to 10.2%. The bank-holding company is Gannett’s largest stockholder with 24.3 million shares under control. Previous disclosures put JPM with about 7.4 million shares.

J.P. Morgan acquired ownership stakes in several newspapers via bankruptcy proceedings.

Gannett share were higher throughout the session today by 3.43% at $16.59.

I reported earlier in the day that Gannett was experiencing call buying on the May $17 line.


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