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Gannett Adopts Shareholder Rights Plan - Quick Facts

Gannett Co., Inc. (GCI) said its Board has adopted shareholder rights plan to protect its net operating loss carryforwards and other tax assets. The company had approximately $435 million of NOLs available as of December 31, 2019, which could be used in certain circumstances to offset future federal taxable income.

Under the rights agreement, the Board declared a non-taxable dividend of one
preferred share purchase right for each outstanding share of common stock. The rights will be exercisable only if a person or group acquires 4.99% or more of Gannett's common stock.

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