Gannett appears to be attempting to rebuild its business with another online acquisition. The media company confirms it has bought full ownership of ShopLocal, an ad network that delivers localized spots to web sites and cell phones.
Gannett competitor Tribune had owned 42 percent of the company and McClatchy 15 percent until this transaction. Gannett says it will pair ShopLocal with its rich media PointRoll system to develop an all-purpose multimedia advertising solution.
It’d be a solution Gannett desperately needs: Sliding shares and dropping revenues have become the norm for the company as of late, with many of its newspapers and television stations struggling. Gannett had to write down its assets by around $3 billion last month because of the decreasing value of its various operations.