SCHEDULE 13G/A: Apollo Entities Disclose 8.1% Stake in Gannett Co., Inc.
Beneficial Ownership Statement
Multiple Apollo-affiliated entities have collectively disclosed beneficial ownership of 8.1% of Gannett Co., Inc.'s common stock as of December 31, 2024.
Summary
- Apollo Management Holdings GP, LLC and its affiliated entities, including Apollo Capital Management, L.P., Apollo Capital Management GP, LLC, and Apollo Management Holdings, L.P., collectively reported beneficial ownership of 11,925,911 shares of Gannett Co., Inc. common stock.
- This aggregate ownership represents 8.1% of Gannett's total outstanding common stock.
- The beneficial ownership percentage is calculated based on 147,410,604 shares of Common Stock outstanding as of October 28, 2024, as disclosed in Gannett's Quarterly Report on Form 10-Q filed on October 31, 2024.
- Key individual Apollo funds and entities contributing to this aggregate ownership include Apollo Credit Strategies Master Fund Ltd. (holding 10,536,259 shares, or 7.1%), Apollo PPF Credit Strategies, LLC (holding 817,082 shares, or 0.6%), Apollo Accord+ Aggregator A, L.P. (holding 369,953 shares, or 0.3%), and Apollo Atlas Master Fund, LLC (holding 202,617 shares, or 0.1%).
- All reporting persons disclaim sole voting and dispositive power, indicating shared control over the reported shares.
Sentiment
Score: 5
Explanation: The document is a factual disclosure of beneficial ownership, providing no explicit positive or negative sentiment regarding the issuer's performance or outlook.
Future Outlook
NA
Management Comments
- The securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 240.14a-11.
Industry Context
NA
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Shareholder Intent Disclosure | Reporting persons certify that their ownership is not for changing or influencing control, except for activities related to nominations under Rule 240.14a-11, which pertains to shareholder director nominations. | NA | Indicates a potential interest in board representation through the nomination process, rather than a full-scale control contest. |
Stakeholder Impact
- Shareholders: The disclosure of a significant stake by Apollo, a prominent investment firm, could influence investor perception and potentially signal confidence or future strategic involvement. The mention of potential nominations under Rule 240.14a-11 suggests Apollo may seek board representation, which could impact corporate governance and strategic direction.
Key Dates
| Date | Description |
|---|---|
| 10/28/2024 | Date as of which 147,410,604 shares of Common Stock were outstanding, as disclosed in the Issuer's Quarterly Report on Form 10-Q. |
| 10/31/2024 | Date of filing of Issuer's Quarterly Report on Form 10-Q, which disclosed shares outstanding. |
| 12/31/2024 | Date of event which requires filing of this statement. |
| 02/14/2025 | Date of filing of this Schedule 13G Amendment No. 3. |
Keywords
Gannett Co., Inc., Apollo Management Holdings, Schedule 13G, beneficial ownership, common stock, equity stake, institutional investor
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