USA Today publisher Gannet revealed Tuesday in its earning call that JP Morgan Chase increased its share in the company threefold in the first quarter, becoming the company’s biggest shareholder, according to the New York Post.
Gannett disclosed in filings yesterday that JPMorgan boosted its 7.4 million-share stake to 24.3 million shares, making the banking giant the company’s biggest shareholder at 10.2 percent.
Shares in Gannett yesterday shot up as much as 7 percent before settling at $16.59, up 55 cents or 3.4 percent, for a paper gain for JPMorgan of $13.4 million on its enlarged stake.
JP Morgan Chase also has a large stake in Reader’s Digest (now sharing some offices with the Economist) and American Media Inc., publisher of Star and the National Enquirer.
All told the bank has over 80 media properties in its portfolio and, as others have noticed, hasn’t had the best of luck with those investments.