USA TODAY announced it has signed a binding letter of intent with MediaNews Group to acquire The Detroit News, a deal the company framed as a strategic investment aimed at expanding the USA TODAY Network’s local reach in the Detroit metropolitan area.
The Detroit News, founded in 1873, will remain a separate publication from the Detroit Free Press, with both papers continuing to publish independently, the company said. The announcement comes shortly after the long-running joint operating agreement between the two Detroit papers ended on December 28, 2025, following decades in which advertising, printing, and distribution services were combined.
USA TODAY Co. said it expects the acquisition to strengthen its audience across a portfolio of more than 200 local publications nationwide and to support continued delivery of local journalism in the region. MediaNews Group said the agreement reflects a shared intent to maintain both publications and their distinct coverage for the greater Detroit area.
The deal will be financed partly with cash on hand and partly through incremental debt financing from funds managed by affiliates of Apollo. USA TODAY Co. said it has amended certain terms of its existing senior secured credit facility, which will now bear interest at an annual rate equal to SOFR plus a 4.5% margin, with a floor of 150 basis points. The company said it expects the deal to be accretive to earnings and cash flow and said the updated financing terms include a 50 basis point reduction in its interest rate.
Closing is subject to customary conditions, and USA TODAY Co. said it anticipates completing the transaction at the end of the month. Financial terms were not disclosed.
KEY QUOTES
“The acquisition of The Detroit News will be a strategic investment that strengthens the USA TODAY Network’s audience and its portfolio of more than 200 local publications nationwide and reinforces our commitment to local journalism in the Detroit metropolitan area.”
Michael Reed, Chairman and Chief Executive Officer of USA TODAY Co.
“We are pleased to reach this agreement with USA TODAY Co. now that the Joint Operations Agreement has expired after decades of successful operations. Both companies have a mutual desire to ensure that these publications and their distinct journalism continue to serve the greater Detroit area.”
Guy Gilmore, COO, MediaNews Group
“Apollo continues to be a great financing source for USA TODAY Co. Their commitment enables us to fund this strategic acquisition, which we expect to be accretive to both earnings and cash flow, while also strengthening our balance sheet through improved financing terms, including a 50-basis point reduction in our interest rate. Their capital solutions help position the company to create value for shareholders.”
Michael Reed, Chairman and Chief Executive Officer of USA TODAY Co.
