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"Gannett on Wednesday announced that it has snapped up The Record and other assets of the North Jersey Media Group, ending 86 years of ownership by the Borg family. In addition to The Record, a 121-year old daily that is second largest paper in the state, the deal also includes the daily Herald News, weeklies in the Community News Group and the magazine group. Terms were not disclosed but Gannett, which publishes USA Today, said the deal would add about $90 million in annual revenue and, after the first year, will “approach corporate-average margins.” For Gannett, the acquisition widens its footprint in the Garden State. It already owns the Asbury Park Press and several smaller daily papers. The deal was announced to staffers in a noon meeting. However, The Post reported the impeding deal in June 16. “The Borg family built a strong foundation over the many decades of its ownership of New Jersey Media Group,” said John Zidich, president of domestic", nypost.com
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